Private Equity: Blackstone Tactical Opportunities Announces $1.4 Billion Final Close of Phoenix Tower International Project
Blackstone Tactical Opportunities funds completed the recapitalization of Phoenix Tower International. The deal will allow the wireless communications infrastructure provider to execute on its global infrastructure business plan.. Tac Opps has now raised $1.4 billion of dedicated capital for PTI.
Blackstone Tactical Opportunities and an Infrastructure Play
Tac Opps initially invested in PTI in 2014. Over time, it has expanded to more than 8,000 cell towers and related sites across 14 markets in three continents. PTI’s management team, led by Dagan Kasavana, CEO, and Tim Culver, Executive Chairman, has deployed more than $3.5 billion in the sector. Tac Opps expects to deploy substantial incremental capital for PTI to acquire and build wireless communications across the Americas and Europe.
“We are very proud of the success of our PTI platform and pleased to be able to continue investing behind our thesis on the fundamental attractiveness of the wireless infrastructure business model, which is backed by [the] exponential growth in data connectivity demand,” said Jasvinder Khaira, a Senior Managing Director with Blackstone Tactical Opportunities.
“We are excited to continue our fantastic partnership with Tac Opps and the completion of this fundraise represents a further confirmation of our business plan,” said Dagan Kasavana, CEO of Phoenix Tower International. “As our customers shift towards their 5G build-out needs, they require well-capitalized infrastructure providers that they trust with a mandate to work with them globally and across all of their infrastructure needs. PTI has the track record, expertise and balance sheet to be a market leader in the coming years with Blackstone’s ongoing support.”
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