Blackstone (NYSE: BX) has announced that funds managed by Blackstone Tactical Opportunities (“Tac Opps”) have agreed to sell a minority stake in Phoenix Tower International (“PTI”) to John Hancock, the company said.
The stake was acquired by John Hancock Life Insurance company (USA.) (“JHUSA”) and the John Hancock Infrastructure Fund, GP (“JHIF”). JHIF, a private equity fund with approximately USD 2 billion of committed capital, is managed by the Power & Infrastructure team.
Blackstone was advised by Guggenheim Securities and Akin Gump Strauss Hauer & Feld LLP. John Hancock was advised by TAP Advisors LLC and Paul, Weiss, Rifkind, Wharton & Garrison LLP.
Blackstone is one of the world´s investment firms. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
Tac Opps is Blackstone´s opportunistic investment platform. The Tac Opps team invests globally across asset classes, industries and geographies, seeking to identify and execute on attractive, differentiated investment opportunities. As part of the strategy, the team leverages the intellectual capital across Blackstone´s various businesses while continuously optimizing its approach in the face of ever-changing market conditions.
John Hancock is a division of Manulife Financial Corporation, a international financial services group that helps people make their decisions easier and lives better. Additional information about John Hancock may be found at johnhancock.com.
Manulife´s Private Markets platform offers long term solutions for our clients by leveraging our expertise across private equity and fixed income, real estate and infrastructure equity and debt, timberland and farmland, oil and gas, and mezzanine debt.
PTI owns and operates more than 3,500 sites (including sites under contract), over 2,500 managed sites under marketing rights agreements, 974 km of fiber and other wireless infrastructure and related sites throughout Argentina, Colombia, Costa Rica, Dominican Republic, El Salvador, French West Indies, Mexico, Panama, Peru and the United States, including Puerto Rico and the US Virgin Islands. Further information is available at www.phoenixintnl.com.