8-KRegulation FDOther EventsExhibits & Filings

AMERICAN TOWER CORP /MA/ 8-K Report, Regulation FD Disclosure (Jun 16, 2021)

Filed June 16, 2021For Securities:AMT

Summary

American Tower Corporation (AMT) announced a significant strategic partnership and minority investment in its European operations, ATC Europe B.V. Allianz Capital Partners, on behalf of Allianz insurance companies and the Allianz European Infrastructure Fund, will acquire a 10% stake in ATC Europe for over €530 million. This transaction is expected to close in the third quarter of 2021. Despite the new ownership stake, American Tower will retain managerial and operational control of ATC Europe, ensuring continuity in day-to-day operations. Allianz will gain board representation and certain governance rights, indicating a collaborative approach. This partnership allows AMT to leverage Allianz's capital and expertise while continuing to drive growth in the European market.

Key Highlights

  • 1Allianz Capital Partners to acquire a 10% ownership interest in ATC Europe B.V. for over €530 million.
  • 2Transaction is structured as a long-term strategic partnership.
  • 3American Tower Corporation will retain managerial and operational control of ATC Europe.
  • 4Allianz will secure seats on ATC Europe's Board of Directors and have certain governance rights.
  • 5The transaction is anticipated to close in the third quarter of 2021, subject to customary closing conditions and regulatory approvals.
  • 6This deal injects significant capital into AMT's European business while allowing for continued operational execution.
  • 7The partnership aims to support the growth and development of ATC Europe.

Frequently Asked Questions

The primary purpose is to announce a strategic partnership where Allianz Capital Partners will acquire a 10% stake in American Tower's European subsidiary, ATC Europe, for over €530 million. This partnership aims to leverage capital and expertise for the growth of ATC Europe.

No, American Tower will retain managerial and operational control, as well as day-to-day oversight of ATC Europe. Allianz will have board representation and certain governance rights, but operational control remains with American Tower.

The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions, including necessary regulatory approvals.

The deal brings over €530 million in capital into ATC Europe through the sale of a 10% stake. This provides American Tower with capital to potentially reinvest in growth opportunities or reduce leverage, while maintaining operational control and benefit from the strategic partnership.