Boca Raton, Florida – Phoenix Tower International ("PTI"), a leading global wireless communications infrastructure provider, is pleased to announce the signing of a definitive agreement with NOVEC BV ("NOVEC") to acquire NOVEC GmbH, its German subsidiary. 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 important infrastructure for mobile operators in Germany.

This strategic acquisition marks a significant milestone for Phoenix Tower International as it enters the German telecommunications 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.

NOVEC GmbH has a proven track record of excellence in telecommunications site deployment, and this acquisition presents an exciting opportunity for PTI to collaborate with the talented individuals within the NOVEC team. By harnessing their expertise, PTI aims to enhance its service offerings, streamline operations, and continue delivering exceptional value to its customers.

Commenting on this development, Dagan Kasavana, Chief Executive Officer of Phoenix Tower International, said, "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."

Gertjan Hoefman, CEO NOVEC, commented: "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".

The transaction is subject to customary regulatory approvals and is expected to be completed in the coming months.

CMS Hasche Sigle, Van Lanschot Kempen and Unicredit acted as advisors to PTI.

ABN AMRO, CASE Corporate Finance and Gleiss Lutz acted as advisors to NOVEC