Wednesday, May 5, 2021

Canada's CDPQ acquires 30% stake in American Tower Europe

Caisse de dépôt et placement du Québec (CDPQ) will acquire a 30% stake in ATC Europe as part of a new long-term strategic partnership through a transaction valued at over €1.6 billion.

This implies an enterprise value of more than €8.8 billion for ATC Europe. 

Pursuant to the partnership agreement, 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.

Tom Bartlett, American Tower’s President and Chief Executive Officer, stated, “We are pleased to partner with CDPQ in Europe, where we expect to create tremendous value. CDPQ’s extensive infrastructure experience, deep knowledge of the region and long-term investment philosophy are in close alignment with American Tower’s European strategy, operational excellence and long track record of historical success. This transaction not only contributes to the funding of our pending Telxius acquisition, which will transform our scale and leadership position in highly attractive markets like Germany and Spain, but also creates a solid, adaptable framework through which future expansion opportunities can be evaluated and financed.”

Emmanuel Jaclot, CDPQ’s Executive Vice-President and Head of Infrastructure, said, “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 infrastructure providers. This dedicated growth platform with a global leader enables us to increase our exposure in key European markets — including Germany, France and Spain — while contributing to the development of critical carrier-neutral telecom networks, at a time where telecommunications needs are more important than ever.”