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American Tower to sell 30% of its European business to CDPQ

American Tower Corporation (ATC) and Caisse de dépôt et placement du Québec (CDPQ), a global investment group, announced that the latter will acquire a 30% stake in ATC Europe.

ATC said that the transaction is valued at over 1.6 billion euros ($1.92 billion), implying an enterprise value of more than 8.8 billion euros for ATC Europe. Under the terms of the deal, American Tower will retain managerial and operational control, as well as day-to-day oversight of ATC Europe, while CDPQ will obtain seats on ATC Europe’s Board of Directors, along with certain governance rights.

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