According to Bloomberg, the €1 billion Irish Infrastructure Fund, managed by AMP Capital Investors Ltd., entered exclusive talks last month to buy TowerCom Holdings Ltd., which owns 400 mobile phone masts. The deal could be valued at €120 million and an agreement may be announced within weeks.

TowerCom bought the mast business in 2007 for €155 million. The company earns fees from providing radio antenna facilities for wireless phone companies.

The Irish Infrastructure Fund was established in 2011 by Irish Life Investment Managers Limited, Ireland's largest domestic pension fund manager; the National Pensions Reserve Fund, who are the seed investor; and AMP Capital Investors (UK) Limited, the fund's Infrastructure Investment Manager, who is responsible for the infrastructure portfolio investment activities of the fund.

The Irish Infrastructure Fund made its first investment a year ago by buying a majority stake in a 104 MW wind farm project from Viridian Group Ltd., the Irish power company.

Ireland's National Pensions Reserve Fund is one of the biggest investors in the fund, with €250 million.

TowerCom's operating profit rose to €11.1 million in 2011 from €10.5 million a year earlier.