Allianz Capital Partners to Buy 10% Stake in ATC Europe
June 16 2021 - 7:38AM
Dow Jones News
By Dave Sebastian
Allianz Capital Partners will buy a 10% stake in ATC Europe,
joining investment group Caisse de Depot et Placement du Quebec in
a long-term partnership with American Tower Corp., American Tower
and Allianz SE said Wednesday.
The companies said the transaction is valued at more than 530
million euros ($642 million), reinforcing a more than EUR8.8
billion enterprise value for ATC Europe.
American Tower will keep managerial and operational control, as
well as day-to-day oversight, of ATC Europe, it said. Allianz said
it will get seats on ATC Europe's board, along with certain
governance rights.
The companies said they expect the transaction to close in the
third quarter.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
June 16, 2021 07:32 ET (11:32 GMT)
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