Blackstone-Backed Phoenix Tower International Signs Agreement with eir to Own and Operate Tower Sites Across Ireland
BOCA RATON, Florida and DUBLIN, May 25, 2020 /PRNewswire/ -- Phoenix Tower International ("Phoenix") today announced the signing of an agreement with eir to purchase over 650 wireless towers and acquire newly constructed wireless towers over 8 years across Ireland through a build-to-suit programme. This transaction positions Phoenix as the largest tower infrastructure provider in Ireland, materially expands its growing footprint in Europe, and further solidifies the company's leadership position in Europe, the United States, Latin America and the Caribbean. Closing is subject to customary conditions precedents for this type of transaction. Phoenix and eir have established a long-term partnership whereby eir will occupy the sites for at least twenty years.
"We are excited to enter the Irish wireless infrastructure market and partner with eir on such an important transaction. The global pandemic related to COVID-19 has impacted all of our communities and highlights the importance of wireless infrastructure to support global trade, commerce and social connections. This will not diminish as economies rebound in the coming months and years ahead," stated Dagan Kasavana, Chief Executive Officer of Phoenix Tower International.
"Ireland represents an important economic hub for Europe and the world and we are proud to support eir on their ongoing build-outs across the country. This transaction further expands PTI's global footprint and we are excited to be a long-term partner of eir," said Tim Culver, Executive Chairman of Phoenix Tower International.
"We are excited to partner with eir to deliver improved wireless connectivity to its customers. This transaction exemplifies Phoenix's strategy of entering into growth markets as a partner to top-tier wireless carriers," said Jasvinder Khaira, a Senior Managing Director in Blackstone Tactical Opportunities. "Phoenix is committed to growing in Europe and finding opportunities to support carriers and usher in the 5G technology revolution."
About Phoenix Tower International
Phoenix Tower International ("Phoenix") owns, operates and proforma for this transaction will have in excess of 9,000 towers, 986 km of fiber and over 80,000 other wireless infrastructure and related sites throughout the United States, Argentina, Bolivia, Colombia, Costa Rica, the Dominican Republic, Ecuador, El Salvador, France, Guatemala, Ireland, Jamaica, Mexico, Panama, and Peru.
Phoenix was founded in 2013 with a mission to be a premier site provider to wireless operators across the Americas in high-growth markets. Phoenix's investors include funds managed by Blackstone Tactical Opportunities and John Hancock, as well as various members of the management team. For more information, please visit www.phoenixintnl.com.
Freshfields Bruckhaus Deringer and Arthur Cox acted as legal advisors to PTI.
About eir
eir is the largest provider of fixed line telecommunications services in Ireland, offering broadband, voice, TV, and data services to residential, small business, enterprise and government segments.
eir is the third largest mobile operator in Ireland in terms of revenue and customers. The company operates the eir mobile and GoMo services.
eir's wholesale division, open eir, is the largest wholesale telecommunications operator in Ireland, providing products and services to national and international wholesale customers across a range of regulated and unregulated markets.
The Group generated total revenue of €1.249 billion and adjusted EBITDA of €578 million for the year ended 30 June 2019.
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