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WFW advises Phoenix Tower International on acquisition of 3,200 Cellnex Telecom sites28 March 2022

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Watson Farley & Williams (“WFW”) has advised Phoenix Tower International (“PTI”) on the real estate aspects of its acquisition of over 3,200 telecommunication sites from Cellnex Telecom (“Cellnex”). The deal remains subject to standard regulatory approvals.

The telecommunication sites are located across highly populated areas in France, among which 1,226 sites will make SFR a major client of PTI, and 2,000 will be acquired by PTI and its joint venture partner Bouygues Telecom. This deal follows the recent announcement of its construction program with Bouygues Telecom whereby PTI will operate over 5,000 sites in France, making it one of the largest independent suppliers of wireless infrastructure in the country.

A Blackstone Holding company founded in 2013, PTI is a leading site provider for wireless operators. PTI, through its subsidiaries, will, pro forma for these transactions, own and operate over 18,000 telecom sites throughout Europe, the United States, Latin America and the Caribbean.

Cellnex, listed on the Spanish stock exchange, manages a portfolio of more than 130,000 sites across Europe, including forecast rollouts up to 2030. Cellnex’s business is structured in four major areas: telecommunication infrastructure services, audio-visual broadcasting networks, security services and urban services.

The WFW Paris Real Estate team advising PTI was led by Partner Cyrille Gogny-Goubert with assistance from Associates Catherine Masquelet and Kodou Diouf.

Freshfields Bruckhaus Deringer LLP advised PTI on the corporate, acquisition finance, tax and competition aspects of the transaction.

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