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A&O advising American Tower on its long-term strategic partnership with Allianz

Allen & Overy is advising American Tower Corporation (American Tower) on the acquisition of a 10% stake in ATC Europe, American Tower’s European platform, by Allianz Capital Partners, on behalf of Allianz insurance companies (“Allianz”) and the Allianz European Infrastructure Fund.

The transaction, which is expected to close in the third quarter of 2021, subject to customary closing conditions, including regulatory approvals, sees Allianz join Caisse de dépôt et placement du Québec (CDPQ) in a long-term strategic partnership with American Tower. CDPQ recently acquired a 30% stake in ATC Europe, a transaction on which A&O also advised American Tower

American Tower is a leading independent owner, operator and developer of multitenant communications real estate with a global portfolio of approximately 187,000 communications sites. In January 2021 A&O advised American Tower on its acquisition of Telxius Towers from Telefonica S.A., comprising 31,000 communications sites across Europe and Latin America, establishing ATC Europe as one of the largest independent communications infrastructure providers in Europe. 

Commenting on the deal, co-head of A&O’s Global Infrastructure Group Sara Pickersgill said: “As the establishment of ATC Europe as a continental leader continues at pace, it is particularly pleasing to have again worked with our client American Tower and to have demonstrated our expertise in helping our clients to do deals that generate sustainable long-term growth.” 

The A&O team was led by partner Sara Pickersgill supported by senior associates Hannah Brown and Emma Shelston. Tax advice was provided by partner Vimal Tilakapala and counsel Gareth Banfield. Antitrust advice was provided by partner Dominic Long and senior associate David Weaver.