Blackstone-backed Phoenix Tower International (PTI) has agreed to acquire 2,029 towers in Colombia and Ecuador from Spain’s Telefónica.
The deal will see PTI acquire 1,408 towers in Ecuador for EUR 202m (USD 224.13m) and 621 towers in Colombia for EUR 87m. With the addition of these towers, PTI has added 1,046 towers in Colombia in 2019, it said in a 23 December press release.
The deal is part of Telefónica’s wider divestment program that has seen them sell 6,000 towers in 2019, including 3,000 to its infrastructure unit Telxius, according to the Telefónica press release.
Blackstone Tactical Opportunities (Tac Ops) invested in PTI in 2014 and has since utilized it as a platform to build out over 8,000 tower sites with roughly 986km of fiber in the US and Latin America. John Hancock Life Insurance Company and John Hancock Infrastructure Fund (JHIF) acquired their minority stake in July 2018.