Blackstone has announced that funds managed by Blackstone Tactical Opportunities have agreed to sell a minority stake in Phoenix Tower International (PTI) to John Hancock.

PTI is the fastest growing wireless tower operator in the Americas and a market leader in all its operating markets. The company was founded in 2013 , with a mission to own and operate high quality wireless infrastructure assets in global markets experiencing strong growth.

The company manages over 3,500 owned sites (including sites under contract), over 2,500 managed sites under marketing rights agreements and 974 km of fiber in 10 countries.

The stake was acquired by John Hancock Life Insurance Company (U.S.A.) and the John Hancock Infrastructure Fund, GP, a private equity fund with approximately US$2 billion of committed capital.

Blackstone was advised by Guggenheim Securities and Akin Gump Strauss Hauer & Feld LLP. John Hancock was advised by TAP Advisors LLC and Paul, Weiss, Rifkind, Wharton & Garrison LLP.