ATC Europe Announces Acquisition of FPS Towers in France
December 19 2016 - 8:00AM
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
Cautionary Language Regarding Forward-Looking
Statements
This press release contains statements about future events and
expectations, or “forward-looking statements,” all of which are
inherently uncertain. We have based those forward looking
statements on management’s current expectations and assumptions and
not on historical facts. Examples of these statements include, but
are not limited to, statements regarding the proposed closing
of the transaction described above and its anticipated impact on
our consolidated results. These forward-looking statements involve
a number of risks and uncertainties. For important factors that may
cause actual results to differ materially from those indicated in
our forward-looking statements, we refer you to the information
contained in Item 1A of American Tower’s Form 10-K for the
year ended December 31, 2015, under the caption “Risk Factors” and
in other filings American Tower makes with the Securities and
Exchange Commission. American Tower undertakes no obligation to
update the information contained in this press release to reflect
subsequently occurring events or circumstances.
AFFO is a non-GAAP financial measure. For more information, see
American Tower’s Form 10-Q for the quarter ended September 30,
2016 under the captions “Management’s Discussion and Analysis of
Financial Condition and Results of Operations – Non-GAAP Financial
Measures” and “– Results of Operations.” Additionally, AFFO per
share is a non-GAAP measure, and is defined as AFFO divided by the
diluted weighted average common shares outstanding.
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version on businesswire.com: http://www.businesswire.com/news/home/20161219005574/en/
American Tower Investor Relations Contact:Leah Stearns,
617-375-7500Senior Vice President, Treasurer and Investor
RelationsorPGGM Corporate Communications:Maurice Wilbrink, +31 30
277 1500Maurice.wilbrink@pggm.nl
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