ATC Europe announces acquisition of FPS Towers in France

American Tower Corporation and Dutch pension fund manager PGGM have announced their entry into a definitive agreement to acquire FPS Towers, which owns and operates approximately 2,400 wireless tower sites across France, through their previously announced joint venture, ATC Europe. 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.
“We are pleased to be continuing our partnership with PGGM by acquiring FPS Towers, which owns an attractive portfolio of French wireless telecommunications real estate assets,” said James D Taiclet Jr, American Tower’s Chairman, President and Chief Executive Officer. “Through this transaction, we expect to elevate the growth profile of our European operations by entering into a new market with attractive wireless tower leasing opportunities and solid long-term growth prospects, while generating immediate accretion to our AFFO per share.”
Commenting on the transaction, Erik van de Brake, head of Infrastructure at PGGM, stated: “We are very pleased to expand our partnership with American Tower to include FPS Towers, which further enhances PGGM’s ability to invest pension money into the real economy on behalf of its clients. The FPS towers are part of an essential infrastructure for mobile communication and this long-term investment is supporting the European economy and will bring good and stable returns to the participants of the funds whose capital we are managing.”
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.