RTTNews | Jun 16, 2021 07:22AM EDT

07:21 Wednesday, June 16, 2021 (RTTNews.com) - American Tower Corp. (AMT) and German insurer Allianz SE (AZSEY.PK) announced Wednesday that Allianz Capital Partners, on behalf of Allianz insurance companies and the Allianz European Infrastructure Fund, will acquire a 10% stake in ATC Europe, joining CDPQ in a long-term strategic partnership with American Tower.

The transaction is valued at over 530 million euros, reinforcing a more than 8.8 billion euro enterprise value for ATC Europe. American Tower will retain managerial and operational control, as well as day-to-day oversight of ATC Europe, while Allianz will obtain seats on ATC Europe's Board of Directors, along with certain governance rights.

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