ALIZF - American Towers Europe to get $642 investment from Allianz infrastructure fund

Onfokus/E+ via Getty Images One of Allianz's (ALIZF) funds will acquire a 10% stake in American Tower's (AMT) European unit, ATC Europe, joining Canadian investment firm CDPQ in a long-term partnership with the telecom tower REIT. The transaction is valued at more than €530M ($642M), giving ATC Europe an enterprise value of more than €8.8B. American Tower keeps managerial and operational control over ATC Europe, while Allianz will get seats on ATC Europe's board, along with certain governance rights. Allianz is making the investment through its Allianz European Infrastructure Fund. AMT President and CEO says the investment, along with that of CDPQ, positions the European business to "generate sustainable growth and attractive returns for years to come." The deal is expected to close in Q3 2021. For Allianz, the partnership complements "our existing digital infrastructure investments in fibre-to-the-home roll-outs and will contribute to further position ATC Europe in some of

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American Towers Europe to get $642 investment from Allianz infrastructure fund