Novec Gmbh currently operates 220 telecom towers in Germany and has developed a significant build to suit pipeline in order to play a key role in deploying important infrastructure for mobile operators in Germany.
The deal marks Phoenix Tower’s entrance into its sixth European market and its 21st globally, adding to its European portfolio in Cyprus, France, Ireland, Italy and Malta.
Internationally, PTI operates 12,733 towers across 14 markets in Central and Latin America, and 1,074 towers in the US, according to data from Capacity’s sister company, TowerXchange. Excluding the 220 towers it is set to acquire in Germany, PTI owns and operates 7,696 towers in Europe, for a total of 21,503.
This makes PTI the 23rd largest tower company globally by towers owned.
"Germany is a major global market with significant near term wireless build out needs, especially across more rural locations where no coverage exists today and where the NOVEC team specialises in coverage solutions,” Dagan Kasavana, CEO of Phoenix Tower International, said.
Specifically, the German market is home to four major towercos, American Tower Europe, Deutsche Funkturm, Media Broadcast Group and Vodafone’s Vantage Towers.
Also commenting on the deal, Gertjan Hoefman, CEO of NOVEC, said "NOVEC is pleased to announce that we have found in PTI a strong strategic investor that can support NOVEC GmbH in its further growth ambitions in Germany".
CMS Hasche Sigle, Van Lanschot Kempen and Unicredit acted as advisors to PTI, while ABN Ambro, CASE Corporate Finance and Gleiss Lutz acted as advisors to Novec.
The transaction is subject to customary regulatory approvals and is expected to be completed in the coming months.
