Phoenix Tower International is close to clinching a deal to buy the telecoms mast unit of Italy’s EI Towers for some 500 million euros ($606 million) by the end of the year, a source with knowledge of the matter said on Thursday.
The U.S.-based wireless infrastructure group entered into exclusive talks for the unit last summer and has completed a due diligence process.
A deal would expand Phoenix Tower’s portfolio in Europe, where it owns telecoms tower sites in France and Ireland.
“The deal could be signed off before Christmas”, the source said.
Unlisted EI Towers, which manages a core portfolio of broadcasting masts, is 60%-owned by Italian infrastructure fund F2i, with the remaining 40% in the hands of Italy’s top commercial broadcaster Mediaset.
The source said F2i would re-invest proceeds from the sale of the group’s telecoms tower unit, called Towertel, to keep a stake of just under 20% in the venture.
F2i and Mediaset declined to comment. Phoenix Tower could not immediately be reached for a comment.
Source: Reuters.com