Allianz Capital Partners has agreed to acquire a 10 percent stake in American Tower Corp. Europe for €530 million ($640 million), reinforcing a more than €8.8 billion ($10.6 billion) enterprise value for the company.
Allianz joins CDPQ in a long-term strategic partnership with American Tower. Following the transaction, ATC will retain managerial and operational control, as well as day-to-day oversight of ATC Europe, while Allianz will obtain seats on ATC Europe’s board of directors, along with certain governance rights.
The transaction was made on behalf of Allianz insurance companies and the Allianz European Infrastructure Fund, which closed at €860 million ($1 billion) in capital commitments in 2019. The fund invests in infrastructure assets in the euro zone, including the energy (excluding renewable energy), transportation, communications, environmental and social sectors.
“Digital infrastructure has underscored in particular during the pandemic its