BlackRock Inc (NYSE:BLK). and Grain Management LLC are currently in talks with Blackstone (NYSE:BX) Inc.'s Real Estate Income Trust and tactical opportunities arm to acquire a significant stake in Phoenix Tower International, a company valued at $6.5 billion excluding debt. The news was confirmed on Thursday.
Phoenix Tower International, led by CEO Dagan Kasavana, is backed by investors such as Wren House Infrastructure. The potential deal, worth $1.3 billion for a 20% stake, reflects recent trends in telecom tower investments.
The proposed transaction follows similar investments in the sector, including Vodafone Group (LON:VOD) Plc's stake sale in Vantage Towers and Carlyle Group (NASDAQ:CG) Inc.'s commitment to Tillman Global Holdings. These deals highlight the growing interest of major investment firms in the telecom tower industry.
Despite the advanced stage of the negotiations, it is important to note that they may not conclude successfully. The outcome of these talks remains uncertain and will be closely monitored by market participants.
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