American Tower lands CDPQ funding for European towers 06 MAY 2021
American Tower said global investment group Caisse de dépôt et placement du Québec (CDPQ) will invest €1.6 billion in exchange for a 30 per cent stake in its ATC Europe unit.
The US tower owner is set to become Europe’s second largest independent tower owner (after Cellnex) with its €7.7 billion purchase of Telxius Telecom, announced in January. The acquisition will give the company almost 24,000 towers in Germany and Spain, plus about 7,000 in Latin America. American Tower already owns towers in France.
The company’s appetite for new towers isn’t satiated yet. In announcing the deal with CDPQ, American Tower CEO Tom Bartlett said the alliance “creates a solid, adaptable framework through which future expansion opportunities can be evaluated and financed”.