American Tower Corp and PGGM to buy FPS Towers

American Tower Corp and PGGM has agreed to acquire FPS Towers, which owns and operates wireless tower sites in France. No financial terms were disclosed. HSBC is providing financial advice to ATC Europe, the joint venture formed between American Tower Corp and PGGM, on the transaction.

PRESS RELEASE

BOSTON & ZEIST, Netherlands–(BUSINESS WIRE)–American Tower Corporation (NYSE:AMT) and Dutch pension fund manager PGGM today 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. Additional information regarding the transaction can be found on the American Tower website under the Investor Relations tab.

About American Tower

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 144,000 communications sites. For more information about American Tower, please visit www.americantower.com.

About PGGM

PGGM is a cooperative Dutch pension fund service provider. Institutional clients are offered: asset management, pension fund management, policy advice and management support. On June 30, 2016, PGGM had EUR 200.2 billion in assets under management. Either alone or together with strategic partners, PGGM develops future solutions by linking together pension, care, housing and work.
www.pggm.nl