Phoenix Tower International (“PTI”) announced it has entered into a definitive agreement with EI Towers S.p.A (“EIT”) to acquire TowerTel S.p.A. (“TowerTel”), an EIT subsidiary, which owns or leases, operates and manages approximately 2,400 telecommunications towers, distributed antenna systems and telecommunications sites across Italy.
In addition, TowerTel has exclusive telecommunications marketing and leasing rights to more than 1,600 broadcast sites owned by EI Towers S.p.A, bringing the total potential portfolio to more than 4,000 sites in the country.
As part of the agreement F2i SGR (“F2i”), one of EIT’s shareholders has elected to retain a minority ownership stake in TowerTel. Financial terms of the transaction were not disclosed.
Completion is subject to customary regulatory approval.