Phoenix Tower International said it has agreed to buy TowerTel, the mobile towers unit of Italy’s El Towers. The deal will see the acquisition of around 2,300 broadcast towers and about 1,000 mobile towers across Italy, as well as leased infrastructure, for an undisclosed amount. Earlier reports had put the first bid at EUR 550 million.
TowerTel has exclusive telecom marketing and leasing rights to more than 1,600 broadcast sites owned by EI Towers, bringing the total potential portfolio to more than 4,000 sites in the country.
As part of the agreement, El Towers shareholder F2i SGR (F2i) will keep a minority ownership stake in TowerTel. The deal is subject to regulatory approvals.
