American Tower Corporation (NYSE:AMT) and Dutch pension fund manager PGGM have agreed to acquire FPS Towers, which owns and operates approximately 2,400 wireless tower sites across France, through their previously announced joint venture, ATC Europe, the company said.
American Tower and PGGM expect to fund the equity portion of the transaction proportionally to their interests in the joint venture. American Tower expects to fund the debt portion.
The transaction is expected to close in the first quarter of 2017, subject to consultation with FPS Towers´ employee representative body, certain closing conditions and regulatory approval. HSBC is acting as financial advisor to ATC Europe. Additional information regarding the transaction can be found on the American Tower website under the Investor Relations tab.
American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 144,000 communications sites.
PGGM is a cooperative Dutch pension fund service provider. Institutional clients are offered: asset management, pension fund management, policy advice and management support.