Freshfields Bruckhaus Deringer LLP (Freshfields) advised Phoenix Tower International (Phoenix), a Blackstone portfolio company, on its definitive agreement with EI Towers S.p.A (EIT) to acquire TowerTel S.p.A (TowerTel). TowerTel is an EIT subsidiary, which owns or leases, operates and manages approximately 2,400 telecommunications towers, distributed antenna systems and telecommunications sites across Italy. In addition, TowerTel has exclusive telecommunications marketing and leasing rights to more than 1,600 broadcast sites owned by EIT, bringing the potential portfolio to more than 4,000 sites across Italy.
As part of the agreement F2i SGR, one of EIT’s shareholders, has elected to retain a minority ownership stake in TowerTel.
The completion of the transaction is subject to customary regulatory approval.
The Freshfields team was led by Sami Jebbour, counsel, and included Alan Mason, partner, on corporate aspects; Fabrice Grillo, partner, Marie Roche, counsel, and Elodie Soler, associate, on financing aspects. In Italy the team was composed of Luigi Verga, partner, Barbara Degli Esposti, senior associate, and Edoardo Avato, associate, for corporate aspects; Nicola Franceschina, counsel, Alessandro Gnoato, associate, for real estate aspects; Francesco Lombardo, partner, and Giuliano Marzi, senior associate, for financing aspects; Renato Paternollo, partner, and Toni Marciante, senior associate, for tax aspects; Gian Luca Zampa, partner, Ermelinda Spinelli, counsel, Filippo Alberti, senior associate, and Luca Villani, associate, for antitrust aspects; and Stefania Guarino, senior associate on regulatory aspects.
