Simpson Thacher represented Blackstone in connection with raising approximately $1.4 billion of dedicated capital for Blackstone PTI Fund and related matters, including the completion of a structured secondary transaction relating to Phoenix Tower International (“PTI”), a leading provider of wireless communications infrastructure, which involved the acquisition of interests in PTI by the new dedicated Blackstone PTI Fund from earlier vintage funds managed by Blackstone Tactical Opportunities (“Tac Opps”).
The additional capital raised will enable PTI to execute on its global business plan across the digital infrastructure sector, and the execution of the recapitalization and structured secondary will afford investors the opportunity to own interests in PTI on a longer term basis.
The Simpson Thacher team included Peter Gilman, Linda Tieh, Elliott Im, Samuel Francis, John Tracy, Taylor Steele, Javier Rivera-Alvarado, Caitlin Lackner and Michael Peragine (Funds); Jonathan Goldstein, Morgan Otway and Stefan Golubovic (Tax); Jennifer Levitt and Tom Howland (Credit); and Jeanne Annarumma (ERISA).