On 11 October 2023
NOVEC B.V. announced that it signed an agreement for the sale of NOVEC GmbH, comprising its German activities, to Phoenix Tower International (“PTI”). The acquisition of NOVEC GmbH marks PTI’s entrance to the German market. With this expansion, PTI reaffirms its commitment to supporting mobile network operators globally in meeting their coverage obligations and delivering high-quality mobile services.
Berlin-based NOVEC GmbH is an independent telecom infrastructure provider, 100% owned by NOVEC B.V., the largest independent telecommunications infrastructure provider in the Netherlands. NOVEC GmbH currently operates 220 telecommunications sites and has developed a significant pipeline of new sites in order to play a key role in deploying critical infrastructure for mobile operators in Germany.
Headquartered in Boca Raton (Florida, USA), PTI owns and operates c. 23,000 telecom towers throughout Europe, the United States, Latin America and the Caribbean. In Europe, PTI is present in several countries including France, Italy, Ireland, Malta and Cyprus. Founded in 2013, PTI’s investors include funds managed by Blackstone, Wren House and members of the management team.
Commenting on this transaction, Gertjan Hoefman, Chief Executive Officer of NOVEC B.V. said “NOVEC is pleased to announce that we have found in PTI a strong strategic investor that can support NOVEC GmbH in its further growth ambitions in Germany” and Dagan Kasavana, Chief Executive Officer of Phoenix Tower International, added, “Germany is a major global market with significant near term wireless build out needs, especially across more rural locations where no coverage exists today and where the NOVEC team specializes in coverage solutions. This transaction aligns perfectly with our growth strategy and underscores our commitment to providing world-class wireless infrastructure solutions to help our business partners achieve their goals. We look forward to working closely with the NOVEC team, German mobile network operators and the local population to contribute to the advancement of telecommunications services and connectivity in Germany.”
The completion of the acquisition is subject to foreign direct investment approval.
CASE Corporate Finance together with ABN AMRO acted as exclusive financial advisor to NOVEC B.V.