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Allianz acquires 10% stake in ATC Europe

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Allianz Capital Partners on behalf of Allianz insurance companies and the Allianz European Infrastructure Fund will acquire a 10% stake in American Tower Corporation (ATC) Europe.

Once completed, the transaction will see Allianz join Caisse de dépôt et placement du Québec (CDPQ) in a long-term strategic partnership with American Tower. 

“We are extremely pleased to add Allianz as a partner in ATC Europe. Allianz’s global infrastructure experience, extensive European investment history and investment philosophy are an excellent match for our value creation objectives in Europe, and we look forward to growing the business together while strengthening mobile broadband access in our served markets,” said Tom Bartlett, president and chief executive officer, American Tower.

“With Allianz and CDPQ as committed, long-term partners in our newly expanded European business, we are more confident than ever that we are optimally positioned to generate sustainable growth and attractive returns for many years to come.”

The deal is valued at over €530 million, indicating a more than €8.8 billion enterprise value for ATC Europe.

Under the terms of the deal, American Tower will retain managerial and operational control, as well as day-to-day oversight of ATC Europe, while Allianz will be given seats on ATC Europe’s board of directors, along with certain governance rights.

“Digital infrastructure has underscored in particular during the pandemic its importance as essential infrastructure to the public. We are excited to partner with American Tower and CDPQ in ATC Europe, one of Europe’s leading independent telecommunications tower operators,” said Michael Pfennig, member of the management board and co-head of Infrastructure at Allianz Capital Partners.

“This long-term strategic partnership perfectly complements our existing digital infrastructure investments in fibre-to-the-home roll-outs and will contribute to further position ATC Europe in some of our core markets such as Germany, France and Spain while delivering stable cash yields to our investors.”  

The transaction is due to close in the third quarter of 2021, subject to customary closing conditions and regulatory approvals.

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