Phoenix Tower International Signs Agreement with Monaco Telecom to Own and Operate Tower Sites Across Malta and Cyprus
March 8, 2021
Phoenix Tower International (“Phoenix”) and Monaco Telecom today announced the signing of a definitive agreement to purchase over 815 wireless towers and acquire newly constructed wireless towers over 6 years across Malta and Cyprus through a build-to-suit program. This transaction positions Phoenix as the largest tower infrastructure provider in both markets, materially expands its growing footprint in Europe, and further solidifies the company’s leadership position. Closing is subject to customary conditions precedents for this type of transaction. Phoenix and Monaco Telecom have established a long-term partnership whereby Monaco Telecom will occupy the sites for at least twenty years.
“With this latest transaction, PTI continues to expand its presence across Europe and will demonstrate the neutral host independent tower model in two new markets to facilitate increased coverage expansion for all of the wireless operators and ultimately increased connectivity for the population of Malta and Cyprus. As the economies of the world continue to recover from the impacts of COVID-19, Phoenix is proud to be working with the mobile network operators across the world to deploy more coverage solutions and is pleased to partner with Monaco Telecom on this transaction” stated Dagan Kasavana, Chief Executive Officer of Phoenix Tower International.
Martin Péronnet, CEO of Monaco Telecom said, “This transaction allows us to create a strategic partnership in Cyprus and Malta with a leading international firm, which allows us to accelerate our investment plans on 5G and fiber where we are present.”
About Phoenix Tower International
Phoenix Tower International ("Phoenix") owns, operates over 10,000 towers, 986 km of fiber and over 80,000 other wireless infrastructure and related sites throughout Europe, the United States, Latin America and the Caribbean.
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.
Freshfield Bruckhaus Deringer, Georgiades & Pelides LLC and Ganado Advocates acted as legal advisors to PTI.
About Monaco Telecom
Monaco Telecom is the incumbent operator of the Principality of Monaco, delivering fixed, internet, TV, mobile services, as well as international data connectivity, housing and cloud services. In July 2019, Monaco Telecom was the first operator to launch 5G with a nationwide coverage; and in fixed broadband, it provides 1Gbs access to all households. Monaco Telecom owns Epic, leading alternative operator in Cyprus and the leading mobile operator in Malta. Monaco Telecom is owned by the Government of Monaco and by NJJ Holding, a European family of telecoms companies made up of leading operators in the markets of Monaco, Switzerland, Ireland, Cyprus and Malta. NJJ Holding is owned by French Entrepreneur Xavier Niel, who also controls Iliad/Free, a leading telecommunication player in France, Italy and Poland.
Paul Hastings acted as legal advisor and Bank of America served as financial advisor to Monaco Telecom.