Key Takeaways
- Sector: Telecommunications.
- Geography: France.
Analysis
Phoenix Tower International (PTI) has entered exclusive negotiations to acquire approximately 3,700 telecom towers in France from a joint venture between Bouygues Telecom and SFR. The deal would substantially strengthen PTI’s presence in the French market, positioning it as a leading independent tower company with nearly 10,000 sites nationwide.
The transaction involves Infracos, a joint venture co-owned by Bouygues and SFR, focused on sites in medium-density suburban areas. These towers are supported by long-term lease agreements with the parent telecom operators, ensuring recurring revenue and stable tenancy.
This strategic move reinforces France as PTI’s largest market globally. The company first entered France in 2020 to support rural 4G and 5G expansion under the New Deal framework. It later acquired two urban rooftop portfolios in 2023, and this latest acquisition gives PTI a truly nationwide footprint across urban, suburban, and rural geographies.
“This transaction would be a natural and exciting next step in our growth trajectory with strong existing partners in a market where we already have an outstanding local team,” said Dagan Kasavana, CEO of PTI. He added that the company is committed to facilitating 5G rollout and strengthening relationships with Bouygues and SFR.
In statements, both operators emphasized their trust in PTI. Benoît Torloting, CEO of Bouygues Telecom, highlighted the deal as a way to enhance user experience nationwide, while Olivier Tailfer of SFR described it as the beginning of a “new chapter of continued excellence.”
Pending completion, the acquisition remains subject to consultation with French works councils and regulatory approval. PTI’s legal counsel for the transaction is Freshfields.
With this deal, PTI would own and operate approximately 33,000 towers worldwide, including assets across Europe, the United States, Latin America, and the Caribbean. The company is backed by leading investors such as Blackstone, Wren House, BlackRock, Grain, and USS.
The acquisition comes amid growing infrastructure M&A activity in Europe. Recently, Cellnex sold assets in Ireland and the UK as part of its strategic reshuffle, while American Tower continues expanding in Germany and Spain. Tower companies are racing to secure long-term contracts with mobile operators in light of surging 5G deployment needs.
PTI’s continued expansion in France underscores its ambition to become a dominant player in Europe’s digital infrastructure ecosystem, supporting the continent’s rapid transition to next-generation connectivity.