Phoenix purchases 830+ towers from Monaco Telecom
Phoenix Tower International (Phoenix) has closed its agreement with Monaco Telecom to purchase over 830 wireless towers, for an undisclosed sum.
Under the term of the deal, Phoenix will also acquire newly built wireless towers over a six-year period, across Malta and Cyprus via a build-to-suit program.
With the transaction now complete, Phoenix is now the largest tower infrastructure provider in both Malta and Cyprus and the long-term partnership created with Monaco Telecom, will see the operator occupy the sites for at least twenty years.
“We have grown our presence in Europe rapidly and have established operations in five countries in less than two years,” said Dagan Kasavana, chief executive officer of Phoenix Tower International.
“It is a testament to the speed and flexibility with which we can approach acquisition and partnership agreements and set up local operations that will ultimately improve wireless coverage and connectivity for citizens across nations.”
In both countries, Phoenix will operate a neutral host independent tower model to create increased coverage reach for all wireless operators as well as increased connectivity for its citizens.
Announced in March 2021, Kasavana at the time said the deal comes “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".
“The global telecommunications industry is expanding,” added Kasavana. “Phoenix Tower International is well-positioned operationally and financially to support and accelerate this growth and we’re poised to see the continued ongoing expansion of our business across all markets in the coming months and years ahead.”
Phoenix recently expanded its European footprint in Ireland and France through further tower acquisitions and are now being integrated into Phoenix’s existing operations in each country - bringing the total added to its portfolio in 2021, to 274 sites.
The total number of wireless towers Phoenix owns and operates across Europe in Ireland, France, Italy, Malta, and Cyprus, is 4,285.