American Tower Corporation Acquires FPS Towers In France

American Tower Corporation, that had acquired 51% stake in Viom Networks last year, Monday said it is acquiring French tower firm FPS Towers. The company has partnered with  Dutch pension fund manager PGGM to acquire the French tower firm though other financial details of the deal are not disclosed.

FPS Towers owns and operates approximately 2,400 wireless tower sites across France. 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. Additional information regarding the transaction can be found on the American Tower website under the Investor Relations tab.

In October last year American Tower had acquired 51% stake in India’s Viom Networks for Rs 7635 crore besides taking up the debt as well.

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