Infrastructure fund manager Ancala has acquired a nationwide portfolio of 300 telecom towers in Ireland from Phoenix Tower International (PTI).
PTI, which is backed by Blackstone, was mandated to sell the tower assets by Ireland’s Competition and Consumer Protection Commission as part of its approval of PTI’s takeover of Cellnex Telecom’s business in Ireland.
Financial details were not disclosed.
Ancala said the newly acquired tower portfolio forms a cornerstone investment for its tower platform, TorLoc Towers, which it intends to grow organically and through complementary acquisitions to “become a leading independent tower platform in Ireland”.
The deal marks Ancala’s second investment in the digital infrastructure sector with traditional infrastructure characteristics. The firm’s prior experience includes investing in and exiting Fore Freedom, an independent developer and operator of fibre networks in the Netherlands.
Tim Power, partner at Ancala, said: “TorLoc Towers represents Ancala’s first investment in Ireland and aligns with our strategy of investing in businesses with traditional infrastructure characteristics with opportunities to create value through active asset management.
“Ireland’s telecom tower market, which is underpinned by rising demand for reliable, high-speed mobile network coverage, continues to offer strong growth opportunities for an independent platform such as TorLoc. We look forward to partnering with Ireland’s MNOs [mobile network operators] and other providers of wireless telecoms as they expand and enhance connectivity nationwide.”
Dagan T Kasavana, CEO of Phoenix Tower International, said: “It was essential that we found an owner and operator of these tower sites, that we are transferring pursuant to the commitments with the CCPC, with a clear track record managing essential infrastructure.
“Ancala’s record of investment, flexibility, bespoke structuring and experience in delivering complex carve-outs was critical in our decision to select them.”
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