Blackstone’s opportunistic investment platform is selling a minority stake in an internet infrastructure business to John Hancock for an undisclosed sum.

Blackstone Tactical Opportunities (Tac Opps) has agreed to sell the unspecified minority stake in Phoenix Tower International (PTI) to John Hancock Life Insurance Company (USA) (JHUSA) and the John Hancock Infrastructure Fund, (JHIF).

Wireless tower operator PTI was founded in 2013. The company manages over 3,500 owned sites (including sites under contract), over 2,500 managed sites under marketing rights agreements and 974km of fibre in 10 countries.

Tac Opps invested in PTI in 2014.

Jasvinder Khaira, a senior managing director in Blackstone’s Tactical Opportunities Group, said: “Providing growth capital to outstanding management teams is a hallmark of Blackstone’s investments in the mobile and internet infrastructure sector.

“The exceptional growth of PTI has made it the leading private tower company in the Americas and we are thrilled to have John Hancock join us as partners as we continue to grow the business.”

Recep Kendircioglu, a senior managing director at John Hancock’s power and infrastructure business, said: “We have confidence in the future of the telecom infrastructure space, PTI’s management team and are pleased to work with Blackstone’s Tactical Opportunities Group to the benefit of our investors.”