Allianz buys 10% stake in American Towers Europe

FILE PHOTO: The logo of insurer Allianz SE is seen on the company building in Puteaux at the financial and business district of La Defense near Paris, outside Paris, France, May 14, 2018. REUTERS/Charles Platiau/File Photo

FRANKFURT (Reuters) - German insurer Allianz is buying a 10% stake in the European arm of telecoms towers group American Tower Corp., the companies said in a statement on Wednesday.

The 530 million euros ($642 mln) deal gives ATC Europe a valuation of 8.8 billion euros, including debt, the same figure seen when Canada’s Caisse de depot et placement du Québec bought 30% in ATC Europe last month.

American Tower will retain managerial and operational control and Allianz will obtain seats on ATC Europe’s board of directors, along with certain governance rights.

($1 = 0.8254 euros)

Reporting by Arno Schuetze; Editing by Riham Alkousaa