By Colin Kellaher 
 

Blackstone Group L.P. (BX) on Tuesday said funds managed by its Blackstone Tactical Opportunities investment platform agreed to sell a minority stake in wireless tower operator Phoenix Tower International to John Hancock for an undisclosed amount.

John Hancock, part of Toronto financial-services company Manulife Financial Corp. (MFC.T), is acquiring the stake through John Hancock Life Insurance Co. and John Hancock Infrastructure Fund GP, a private-equity fund with about $2 billion of committed capital.

Phoenix Tower manages more than 3,500 owned sites, including sites under contract, and another 2,500 sites under marketing rights agreements. The company on Monday announced a deal to buy Teletorres del Caribe, with a portfolio of 1,049 sites in the Dominican Republic, from Altice Europe NV (ATC.AE) for $170 million.

Private-equity firm Blackstone invested in Phoenix Tower in 2014.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

July 31, 2018 12:04 ET (16:04 GMT)