TAP Advisors Research
Advisory Approach
TAP Advisors is a specialized investment banking boutique founded in 2010 by telecom industry veterans with deep operational and M&A experience. The firm positions itself as an independent, conflict-free advisor focused on complex transactions in telecommunications, digital infrastructure, and specialized sectors. Their thesis is rooted in deep sector expertise and long-standing relationships with the world's largest telecommunications operators, infrastructure investors, and financial sponsors.
TAP's sweet spot is transactions where telecommunications expertise, cross-border capability, and relationships with mega-cap telecom operators create significant competitive advantage. The firm is particularly effective on sell-side and buy-side transactions for companies seeking strategic buyers (Verizon, T-Mobile, AT&T, etc.) or financial sponsor capital. They excel at complex infrastructure recapitalizations, secondary market transactions, and transactions requiring international coordination (London and New York offices).
Sector Focus
TAP Advisors concentrates on telecommunications, digital infrastructure (towers, fiber, broadband, data centers, wireless infrastructure), and technology platforms serving these sectors. The firm has considerable depth in:
Digital Infrastructure & Telecommunications: The core strength. TAP has advised major carriers (T-Mobile, Verizon, AT&T) on multi-billion dollar tower and spectrum transactions. Notable transactions include: T-Mobile tower sales and leaseback structures ($2.5bn+ transactions), Verizon tower sales and leaseback arrangements ($5bn+ value), AT&T tower preferred issuances ($4.5bn-$5.25bn), and countless spectrum transactions. The firm maintains strong relationships with infrastructure-focused PE firms including Digital Colony, Blackstone, Carlyle, and Manulife.
Software & Technology (especially infrastructure-focused): The firm has advised on acquisitions by technology companies serving the telecom sector. Notable: Ribbon Communications' $460mm acquisition of ECI Telecom Group, various software and IT platform transactions, and technology infrastructure deals.
Real Estate & Infrastructure Easements: TAP has significant expertise in wireless infrastructure easements, tower portfolios, and tower company transactions. They have advised on easement portfolio sales, tower recapitalizations, and complex lease-back structures that are common in the wireless tower market.
Financial Sponsors & PE: While not a traditional lower-middle market LMM advisor, TAP serves as a key advisor to financial sponsors (PE firms, family offices, sovereign wealth funds) on infrastructure acquisitions and recapitalizations. They have relationships with virtually every major global PE firm active in infrastructure.
Healthcare & Forest Products: The firm maintains practices in healthcare (several healthcare services and pharmaceutical transactions) and forest products/timberland (significant transaction experience with timberland and forest products companies).
Deal Track Record
TAP Advisors has completed over 100 transactions since 2009, with transaction values frequently exceeding $1 billion. Key deal categories:
Mega-Cap Telecom Transactions ($1B+):
- T-Mobile tower portfolio sale and leaseback to Crown Castle ($2.5bn, 2012)
- Verizon tower portfolio sale and leaseback to American Tower ($5.053bn, 2015)
- AT&T tower preferred offerings ($4.5bn-$5.25bn, 2020-2023)
- T-Mobile spectrum acquisitions ($2.1bn-$3.315bn, 2014)
- AT&T issuance of tower-backed preferred interests ($4.5bn, 2019)
- Telefonica Spain/Germany tower business formation and sale (Telxius carve-out, €1.043bn equivalent, 2015)
Infrastructure Transactions:
- Boingo Wireless sale to Digital Colony Partners ($854mm, June 2021) - critical transaction showing PE tower asset capability
- Landmark Infrastructure Partners sale/acquisition ($1.1bn, December 2021)
- Tillman Infrastructure partnerships and capital raises ($1bn+, multiple closings)
- Phoenix Tower International investments and recapitalizations ($400mm+)
- ExteNet Systems recapitalization with Digital Bridge and Stonepeak ($1.4bn+, 2015)
- Conexon broadband capital raise backed by BlackRock
- Manulife/Midwest Fiber Networks JV formation (May 2025)
- TruConnect refinancing (August 2025)
- MD7 strategic equity partnership with Tikehau Star Infra ($100mm, February 2026)
Technology & Software:
- Ribbon Communications acquisition of ECI Telecom Group ($460mm, 2020)
- Multiple software platform acquisitions in telecom/IT space
- Google IPO ($1.6bn, lead banker)
- OpenTable IPO and various technology equity offerings
Financial Sponsor Relationships:
- Secondary market transactions with family offices (multiple $100mm-$225mm VC fund stake sales)
- PE-backed infrastructure acquisitions and recapitalizations
- Multiple private placements and capital raises for infrastructure platforms
Historical Pre-TAP Transactions (banker experience): The founding partners and senior team members have been involved in $300+ billion of cumulative transaction value, including:
- Verizon Wireless formation ($70bn)
- Alltel acquisition by Verizon ($28bn)
- Multiple AT&T/DT/Vodafone cross-border telecom transactions
- Sprint PCS formation and subsequent transactions
- Major forest products and industrial transactions (via senior advisor H.C. Bowen Smith's 45+ year career)
Total Transaction Count: 100+ completed transactions since 2009; advisors collectively have worked on 200+ transactions in their prior careers.
Process & Fee Structure
TAP typically works on a modified Lehman or negotiated percentage fee structure for transaction-based work. The firm requires engagement letters and retainers for advisory work. Typical engagement structure:
- Retainer-based monthly fees for ongoing advisory relationships
- Success fees on completed transactions (percentage of transaction value, varies by transaction size and complexity)
- Complex infrastructure transactions often commanded premium fees due to structuring complexity
- The firm has worked with clients ranging from Fortune 500 companies to mid-market PE firms to family offices
Process is highly senior-led with partners and MDs directly involved in client relationships and transaction execution. TAP maintains a relatively lean professional organization (40+ professionals total, suggesting high transaction velocity per professional).
Buyer Network & Financial Sponsor Relationships
TAP Advisors has exceptionally strong relationships with:
Infrastructure PE Firms:
- Digital Colony (formerly Colony Capital infrastructure) - extremely frequent counterparty
- Blackstone (infrastructure portfolio)
- Carlyle (infrastructure and telecom)
- Digital Bridge (formerly Brookfield Infrastructure)
- Stonepeak Infrastructure Partners
- Manulife Investment Management
- Ardian
- HPS Investment Partners
- Shore Capital Partners
- Peppertree Capital
Strategic Telecom/Media Buyers:
- T-Mobile, Verizon, AT&T (primary relationships)
- SoftBank, SES, other major global telecom operators
- Various international carriers and operators
- Tower companies (Crown Castle, American Tower, Phoenix Tower International)
Financial Sponsors & Family Offices:
- Multiple UHNWIs and family offices (secondary PE fund stake sales)
- Goldman Sachs Asset Management (infrastructure)
- Warburg Pincus
- KKR, Genstar, Audax, and other major PE firms
Competitive Positioning
TAP Advisors differentiates through:
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Telecom Sector Expertise — Founding partners F. Davis Terry Jr. and Karim Tabet spent careers building UBS's telecom franchise (Joint Global Head). This is rare strategic expertise in a boutique format.
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Senior Banker Involvement — Every transaction is led by MDs/Partners with 20-30+ years experience. No junior banker execution.
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Relationship Access — Direct relationships with C-suite at major global carriers (T-Mobile CFO on board of advisors; Verizon VP/CFO on board; AT&T legacy relationships from Tabet/Terry era).
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Infrastructure Specialization — While most M&A boutiques are generalists, TAP's infrastructure expertise (towers, fiber, broadband, easements, data centers) is deep and specialized.
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Cross-Border Capability — London office (TAP Securities Ltd) provides EMEA market access and coordination on complex international transactions.
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Independence & Conflict-Free Advice — As a boutique, TAP does not have underwriting, trading, or other divisions that create conflicts of interest. This was a deliberate positioning choice.
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Board Advisor Network — Deep bench of board advisors includes former telecom/media executives, PE partners, and major customer relationships (Braxton Carter, former T-Mobile CFO; James Kahan, former AT&T Senior EVP; Ronald Lemay, former Sprint CEO; Lawrence Babbio Jr., former Verizon President).
Not a Fit If
- Your transaction is in lower-middle market M&A below $100mm (TAP's minimum is typically $200mm+)
- You need a generalist advisor with broad industry coverage (TAP is highly specialized in telecom/infra)
- You want a mega-bank with full capital markets capability (TAP doesn't underwrite debt, manage equity offerings, run IPOs on its own)
- You're seeking a long-term relationship with a relationship banker from the firm's junior ranks (everyone at TAP is senior)
- Your deal requires underwriting or principal investment (TAP is pure advisory)
Team
TAP Advisors is a highly senior firm. Key professionals:
Founding Partners:
- Karim Tabet (Founding Partner) — VP of Technology, Media & Telecom and Joint Global Head of Telecom at UBS. 40+ years in banking. Harvard MBA. Speaks French, Arabic, conversational Spanish. Board member: Citco, American Hospital in Paris, Brown University Middle East Council.
- F. Davis Terry Jr. (Founding Partner) — Joint Global Head of UBS Telecom Group. Founded UBS's telecom effort at Dillon Read (1979). Yale graduate, Wharton MBA. Worked with T-Mobile, Sprint, Verizon, Vodafone on major transactions.
Managing Directors:
- James Flicker (MD) — 25+ years investment banking. Former Head of Forest Products at DC Advisory, Greenhill, Citigroup. UBS 8-year stint. Chartered Financial Analyst since 1995.
- Andrew Kramer (MD, Head of Restructuring) — Former MD at UBS and Greenhill focused on restructuring and capital advisory. Advised creditors, equity, and companies across industries.
- Toby Pearce (MD, London) — 20+ years telecom/TMT experience. Former Head of Media & Telecom at Houlihan Lokey EMEA. Started as corporate lawyer at CMS, moved to investment banking. LLB from LSE.
- Philip Smith (MD, London) — 20+ years industrials sector. Former EMEA Head of Industrials at Nomura. MD at Moelis. Head of Industrials at Citigroup London/New York. Chartered accountant.
- Vladimir Breyter (MD) — Joined 2011 from middle-market PE. Started at JP Morgan in Financial Sponsors Group. MBA from University of Rochester.
- Chris Gaertner (Senior Advisor) — 30 years technology M&A. 100+ transactions. Former Vice Chairman/Global Head of Tech at Rothschild. Global Head of Corporate Finance for Tech at Credit Suisse. Head of Tech at Bank of America/Merrill Lynch. Advised on Google IPO, OpenTable IPO. BS Electrical Engineering from West Point, MS from Columbia, MBA Wharton. CFA. Served as officer in 82nd Airborne.
Partners:
- David Lowham (Partner) — Former Executive Director at UBS Telecom Group (NYC). Experience at Credit Suisse Telecom and Donaldson Lufkin & Jenrette. Key client relationships with Qwest, Sprint, T-Mobile, DuPont Fabros, Equinix, Unison. Summa cum laude from Cal State Northridge, MBA Columbia.
Senior Officers & Vice Presidents:
- Jeremy Smith (Chief Operating Officer) — VP of Acquisitions/Real Estate at Athena Group. Analyst at Prudential Securities, Deutsche Bank, Morgan Stanley, MSREF. NYC Economic Development Corporation Assistant VP. BA Economics from Stanford, MBA Anderson UCLA.
- Woody Kassis (SVP) — Management Consultant at Strategy& and Booz Allen Hamilton. Focus on telecom sector. BE Mechanical Engineering (High Distinction) from AUB, MS Aerospace Engineering from UCLA, MBA (Palmer Scholar) Wharton.
- Mac Keers (SVP) — 10+ years investment banking and principal-side M&A. Joined 2018. Focus on digital infrastructure (broadband, datacenters, wireless assets). Started at Deutsche Bank Power & Utilities group. Kindle Energy (Blackstone). BA Economics from Washington & Lee.
- Rabih Hasbini (VP) — 8+ years combined banking and advisory. Focus on timber, forest products, packaging. Former Engagement Manager at PwC Deals Strategy. MBA Columbia, BBA American University of Beirut.
- Peter Hamamji (VP) — Started as Analyst at TAP (2018). Coverage: towers, fiber, DAS, data centers, infrastructure easements. Previously founded Coast Rock Capital (quant hedge fund). BS Business Administration from Boston University.
- Haymen El Khouri (VP) — Joined 2022 from Ernst & Young Transaction Economics Group. Advised Fortune 500 companies and PE funds on M&A. MSc Operations Research from Columbia (financial markets concentration), BEng Mechanical Engineering from American University of Beirut. Fluent French/Arabic.
Senior Advisors & Board of Advisors:
- H.C. Bowen Smith (Senior Advisor) — 45+ years investment banking, forest products/paper/packaging focus. Senior Advisor at Houlihan Lokey and Greenhill. UBS/Dillon Read since 1990. Goldman Sachs and Salomon Brothers before. Clients: International Paper, Georgia Pacific, Louisiana Pacific, Rayonier, St. Joe, Temple-Inland, Champion, Union Camp, and major TIMOs. Lieutenant U.S. Naval Forces, Colgate alumnus, MBA Darden.
- Board of Advisors includes: Lawrence T. Babbio Jr. (former Verizon VP/President), James S. Kahan (former AT&T Senior EVP, M&A lead), James Keil (former Republic NY President/VC, St. Joe CEO 2014-15), Ronald Lemay (former Sprint PCS founder/CEO, J-phone CEO), Michael Leitner (former BlackRock Direct Lending co-head, Tennenbaum Capital Partners partner), Peter Knag (former AT&T VP/MD, WarnerMedia EVP CFO, Turner Broadcasting EVP CFO), Steve Collar (30-year satellite industry veteran, former SES CEO, O3b Networks founder), Senator John E. Sununu (tech policy background), and others.
Geographic Coverage
New York headquarters (505 Park Avenue, 9th floor, NY 10022) with London office (7th Floor, Denham Building, Smithson Plaza, 27 St James's Street, London SW1A 1HA). International transaction capability with clients worldwide. Strong presence across Americas, Europe, and Asia-Pacific via relationships and client base.
Recent Activity (2024-2026)
TAP remains highly active in digital infrastructure and telecom:
- February 2026: MD7 strategic equity partnership with Tikehau Star Infra ($100mm) for mobile infrastructure acquisition
- August 2025: TruConnect debt refinancing via City National Bank
- May 2025: Manulife Investment Management JV formation with Midwest Fiber Networks
- November 2025: CKX Lands strategic alternatives and timberland asset sale (Louisiana)
- June 2025: Capelli Sport initial equity capital raise
- Multiple deals across digital infrastructure, telecom, and financial sponsors in 2024-2025
The firm continues to position itself as the leading boutique advisor for telecommunications and digital infrastructure transactions in the Americas and EMEA regions.