Caisse de dépôt et placement du Québec (CDPQ) is planning to acquire a 30 percent stake in American Tower Corp. Europe for €1.6 billion ($1.9 billion), implying a total enterprise value of more than €8.8 billion ($10.6 billion).
The deal will allow American Tower and CDPQ to jointly benefit from sustainable, long-term secular wireless growth trends in select European markets. ATC Europe’s portfolio, pro forma for the closing of American Tower’s pending Telxius acquisition, will consist of nearly 30,000 communications sites.
Following the transaction, American Tower will retain managerial and operational control, as well as day-to-day oversight of ATC Europe, while CDPQ will obtain seats on ATC Europe’s board of directors, along with certain governance rights.
“Through this new long-term strategic partnership with American Tower, CDPQ is thrilled to play an active role in establishing one of Europe’s largest independent communications infrastruct