By Dave Sebastian

Allianz Capital Partners will buy a 10% stake in ATC Europe, joining investment group Caisse de Depot et Placement du Quebec in a long-term partnership with American Tower Corp., American Tower and Allianz SE said Wednesday.

The companies said the transaction is valued at more than 530 million euros ($642 million), reinforcing a more than EUR8.8 billion enterprise value for ATC Europe.

American Tower will keep managerial and operational control, as well as day-to-day oversight, of ATC Europe, it said. Allianz said it will get seats on ATC Europe's board, along with certain governance rights.

The companies said they expect the transaction to close in the third quarter.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

June 16, 2021 07:32 ET (11:32 GMT)

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