Wren House Buys Minority Stake in Blackstone-Backed Tower Firm

UK investment firm Wren House Infrastructure Management is buying a minority stake in Blackstone Group LP-backed US mobile tower operator Phoenix Tower International, as dealmaking in the digital infrastructure sector accelerates.

The infrastructure investor, a division of sovereign wealth fund Kuwait Investment Authority, is acquiring a holding of about 10% that’s valued at more than $500 million, people familiar with the matter said, asking not to be identified discussing confidential terms.

Blackstone will continue to remain as majority shareholder in the business, according to a statement on Tuesday.

“PTI is another major step for Wren House’s ...