Allianz Capital has agreed to purchase acquire a 10% stake in American Tower Corporation Europe in a deal valued at €530m.
Allianz Capital will acquire the stake on behalf of Allianz and Allianz European Infrastructure Fund.
The transaction will be reinforcing over €8.8bn enterprise value for ATC Europe.
American Tower will retain managerial and operational control along with day-to-day oversight of ATC Europe under the agreement.
Allianz on the other hand will get seats on the board of ATC Europe along with some governance rights.
American Tower is a global real estate investment trust (REIT). It owns, operates and develops multitenant communications real estate with a portfolio of approximately 214,000 communications sites.
American Tower president and CEO Tom Bartlett stated: “Allianz’ 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.
“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.”
Allianz Capital Partners management board member and co-head of infrastructure said: “We are excited to partner with American Tower and CDPQ in ATC Europe, one of Europe’s leading independent telecommunications tower operators.
“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.”
In May New Zealand-based Tower Insurance partnered with Allianz Partners to deliver selected Covid-19 travel cover to its customers.
