Blackstone (NYSE: BX) said funds managed by Blackstone Infrastructure Partners (Blackstone) have purchased a 35% stake in Phoenix Tower International (PTI), a private cell tower platform in the Americas and Europe, from Manulife Investment Management.

Founded in 2013, Phoenix Tower International operates over 14,000 cell towers across 18 countries.

PTI owns and operates high-quality wireless infrastructure sites in markets experiencing strong wireless usage growth around the world. PTI’s expansion is focused throughout the Americas and Europe.

Greg Blank, Senior Managing Director in Blackstone’s infrastructure business said: “We are thrilled to partner with Dagan Kasavana and the entire PTI team. Cell towers represent one of the highest-quality and most durable infrastructure asset classes given their mission-critical nature and long-term growth tailwinds.”

Also commenting on the announcement, CEO of Phoenix Tower International, Dagan Kasavan, added: “There is a massive growth opportunity in the wireless infrastructure sector across the world, and I am pleased to have world-class partners from Blackstone on my team to continue to expand the business. We are excited to continue the growth journey for PTI with Blackstone Infrastructure.”

Rothschild & Co acted as financial advisor to Blackstone Infrastructure Partners, while Simpson Thacher & Bartlett served as legal advisor.