American Tower agreed to sell a 10 per cent stake in its European operations to Allianz for €530 million, adding to a recent slew of activity from the infrastructure giant on the continent.
The deal, expected to close in Q3 this year, sees Allianz join Caisse de depot et placement du Quebec as a strategic partner in ATC Europe, after the investment company announced a tie-up to take a 30 per cent stake for €1.6 billion in May.
American Tower said it will keep the operational control and oversight of its European business following the Allianz deal, while its new partner will be given governance rights and seats on its board.
Commenting on the move, American Tower CEO Tom Bartlett said its Europe unit was “optimally positioned to generate sustainable growth and attractive returns for many years to come”, adding Allianz was “an excellent match” as a partner.
Its sales in Europe will no doubt be used to fund a €6.2 billion purchase of Telefonica’s Telxius tower subsidiary, securing assets in Spain and Germany, which was completed earlier this month.Subscribe to our daily newsletter Back