BlackRock, Grain Said to Be Near Phoenix Tower Stake Buy (1)

A consortium comprising BlackRock Inc. and Grain Management LLC is in advanced talks to buy a roughly 20% stake in Phoenix Tower International from funds managed by Blackstone Inc., according to people with knowledge of the matter.

BlackRock’s infrastructure arm and Grain, an investment firm that specializes in communications infrastructure, are negotiating to purchase the stake from Blackstone Real Estate Income Trust and Blackstone’s tactical opportunities arm for about $1.3 billion, a transaction that would value the tower operator at roughly $6.5 billion excluding debt, said the people, all of whom requested anonymity to discuss confidential information.

Terms aren’t ...