Phoenix Tower International (PTI) has agreed to acquire Cellnex's Irish business unit for €971 million ($1.05bn).

As part of the planned acquisition, PTI will snap up around 1,900 towers.

Ireland telecom tower
– Getty Images

Spanish infrastructure company Cellnex has been operating in Ireland since 2019, after it acquired tower operator Cignal.

Cellnex CEO Marco Patuano said the sale is part of the company's plans to "consolidate" and "simplify" its overall corporate structure.

We are delighted to announce this strategic transaction with Cellnex after a successful transaction in France which signifies a significant step forward in Phoenix Tower International’s expansion in Europe,” said Dagan Kasavana, the CEO of PTI.

“This acquisition demonstrates our commitment to Ireland, and we are eager to contribute to the development of robust and advanced telecommunications infrastructure that will benefit both the Irish people and our valued Mobile Network Operator partners."

Last year, Florida-based PTI acquired almost 2,000 more urban sites in France following the closing of two deals, and separately entered an agreement to enter the German market.

The company also acquired 1,300 telecom towers from Liberty Latin America (LLA) for $407 million, for sites across Panama, Jamaica, the Bahamas, Puerto Rico, Barbados, and the British Virgin Islands.

The TowerCo operates over 29,000 telecom towers across Europe, the US, Latin America, and the Caribbean.

Founded in 2013, PTI received backing in 2022 from investment group Blackstone Infrastructure after it purchased a 35 percent stake in the company.

Meanwhile, Cellnex has sold a number of its assets in the past six months, and just this week finalized the sale of its private networks business to Boldyn Networks.

The company also agreed on a deal to sell a 49 percent stake in its Sweden and Denmark subsidiaries to Stonepeak for €730 million ($793m) back in September. Cellnex entered the markets after buying CK Hutchison Holdings Ltd.’s European towers in 2021.