Phoenix Tower International (PTI) has secured a strategic investment from Grain Management and BlackRock.

Tower firm PTI said in a statement last week that the investment will support the company's expansion into new markets across the world. The company didn't disclose financial terms.

– Getty Images

PTI operates more than 29,000 telecom towers across 23 countries in North America, Europe, Latin America, and the Caribbean.

Last month, the company agreed to acquire Cellnex's Irish business unit for €971 million ($1.05bn). As part of the planned acquisition, PTI will snap up around 1,900 towers.

“We welcome Grain Management and BlackRock as investors in Phoenix Tower International and look forward to leveraging their strong track records in digital infrastructure investing to support our continued expansion,” said Dagan Kasavana, founder and chief executive, Phoenix Tower International.

“Over the last decade, we’ve grown exponentially to provide wireless tower infrastructure to communities and countries in need of greater connectivity and we look forward to growing our impact with the support of our new and existing partners.”

Last year, Florida-based PTI acquired almost 2,000 more urban sites in France following the closing of two deals, and separately entered an agreement to enter the German market.

The company also acquired 1,300 telecom towers from Liberty Latin America (LLA) for $407 million, for sites across Panama, Jamaica, the Bahamas, Puerto Rico, Barbados, and the British Virgin Islands.

Founded in 2013, PTI previously received backing from Blackstone Infrastructure in 2022 after the investment group purchased a 35 percent stake in the company.