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.
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Reporting by Arno Schuetze; Editing by Riham Alkousaa
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