Phoenix Tower International (PTI), a subsidiary of PE fund Blackstone, has acquired Brazilian towerco T4U for an undisclosed sum.
Under the agreement, PTI and T4U will merge and operate as Phoenix Tower do Brasil, which will consist of 529 wireless…
Phoenix Tower International (PTI), a subsidiary of PE fund Blackstone, has acquired Brazilian towerco T4U for an undisclosed sum.
Under the agreement, PTI and T4U will merge and operate as Phoenix Tower do Brasil, which will consist of 529 wireless infrastructure assets. It also comprises a pipeline of over 250 wireless towers to be built and leased out to the country’s leading wireless operators, according to a statement.
Israeli tycoon Eliezer Fishman, who is T4U’s controlling shareholder, sold the asset to reduce his personal debt burden, Haaretz reported.
Fishman’s 84% stake in T4U is reportedly valued at R$725m (US$232m).
“We believe the combination of PTI and T4U’s experienced teams create a strong foundation from which to build upon T4U’s existing portfolio of assets and pursue additional growth opportunities in the sector,” Jasvinder Khaira, a managing director in Blackstone’s Tactical Opportunities business said.
The sale follows a failed IPO attempt last October. The R$500m (US$207m) public listing was initially delayed due to turbulence in Brazil’s equity and currency markets.
Sao Paulo-based T4U had mandated Bank of America Merrill Lynch, Itau BBA, UBS and Citigroup to advise on the planned offering.
Founded in 2013, PTI owns and operates telecoms infrastructure in Costa Rica, Panama, the Dominican Republic, Colombia, the United States and Brazil.
