Blackstone Tactical To Sell Minority Stake In Phoenix Tower To John Hancock

(RTTNews) - Blackstone (BX) said that funds managed by Blackstone Tactical Opportunities have agreed to sell a minority stake in Phoenix Tower International ("PTI") to John Hancock.

The stake was acquired by John Hancock Life Insurance Company (U.S.A.) or "JHUSA" and the John Hancock Infrastructure Fund, GP or "JHIF". JHIF, a private equity fund with approximately $2 billion of committed capital, is managed by the Power & Infrastructure team.

Phoenix Tower International is wireless tower operator in the Americas. The company was founded in 2013 by Dagan Kasavana, with a mission to own and operate high quality wireless infrastructure assets in global markets experiencing strong growth. Blackstone Tactical Opportunities invested in PTI in 2014. With 120 employees and headquartered in Boca Raton, FL, PTI manages over 3,500 owned sites (including sites under contract), over 2,500 managed sites under marketing rights agreements and 974 km of fiber in 10 countries.