Monaco Telecom sells towers in Malta and Cyprus to Phoenix Tower

10 Mar 2021

Monaco Telecom (MT) has announced a definitive agreement to sell 100% of its passive infrastructure in Malta and Cyprus to Phoenix Tower International (PTI), a company backed by Blackstone Group and John Hancock. In addition to the sale of 815 towers and masts in the two countries, MT will acquire newly constructed towers over six years through a build-to-suit programme for its local subsidiaries operating under the Epic brand. The two companies have also established a long-term partnership whereby MT will occupy the sites for at least 20 years. The deal is subject to customary conditions for this type of transaction and is expected to be completed by the end of 2021. No financial details have been disclosed.

Dagan Kasavana, CEO of Phoenix Tower International, commented: ‘With this latest transaction, PTI continues to expand its presence across Europe and will demonstrate the neutral host independent tower model in two new markets to facilitate increased coverage expansion for all of the wireless operators and ultimately increased connectivity for the population of Malta and Cyprus. As the economies of the world continue to recover from the impacts of COVID-19, Phoenix is proud to be working with the mobile network operators across the world to deploy more coverage solutions and is pleased to partner with Monaco Telecom on this transaction.’ Martin Peronnet, CEO of MT, stated: ‘This transaction allows us to create a strategic partnership in Cyprus and Malta with a leading international firm, which allows us to accelerate our investment plans on 5G and fibre where we are present.’

Cyprus, Malta, Epic (previously MTN Cyprus), Epic Malta (formerly Vodafone Malta), Monaco Telecom, Phoenix Tower International (PTI)