Summary
American Tower Corporation (AMT) announced the closing of significant transactions with Caisse de dépôt et placement du Québec (CDPQ) and Allianz insurance companies. These transactions involve the sale of noncontrolling interests in subsidiaries that hold AMT's operations in France, Germany, Spain, and Poland, collectively referred to as ATC Europe. This strategic move brings in substantial capital while allowing AMT to retain control of these European assets.
Key Highlights
- 1AMT closed transactions with CDPQ and Allianz on September 14, 2021.
- 2CDPQ acquired a 30% noncontrolling interest in ATC Europe.
- 3Allianz acquired an 18% noncontrolling interest in ATC Europe.
- 4The combined noncontrolling interest sold represents 48% of ATC Europe.
- 5Total aggregate consideration received is €2.6 billion (approximately $3.1 billion).
- 6AMT retains a 52% controlling ownership interest in ATC Europe.
- 7The ATC Europe subsidiaries hold operations in France, Germany, Spain, and Poland.