Everest Infrastructure Partners has acquired Portuguese TowerCo Blue Sites Telco.

It represents the fourth international market that Everest has invested in after the US, where it's based, along with Australia, and New Zealand.

Founded in 2017, Blue Sites Telco is the largest communications tower lease aggregation platform of its kind in Portugal.

The Lisbon-based company operates over 300 towers in 18 centers across the country.

The acquisition takes Everest's tower portfolio to more than 2,500 communications tower sites across its four markets, while the company has access to a $1.5 billion capital raise.

Everest did not disclose the terms of the transaction.

"We are excited to enter Europe in partnership with funds committed by Peppertree Capital Management," said Mike Mackey, President of Everest.

"The Portuguese market for communications infrastructure will continue its stable and healthy growth over the next decade as 5G deployments and densification in urban and suburban clusters continue to occur. The acquisition of the Blue Sites platform and its country-wide portfolio of assets is a testament of Everest’s continued disciplined capital allocation strategy to pursue growth and high-quality cash flow in markets with stable currency and rule of law.”

Everest confirmed that it has appointed Flavio Siqueira as President of its European business.

Siqueira has previously spent three years as VP of M&A at Phoenix Tower International, plus stints at real estate investment trust SBA Communications, and Brazilian telco Oi.