International law firm Clifford Chance has advised CDPQ on its acquisition of a 30% stake in ATC Europe which is part of a new long-term strategic partnership between American Tower and CDPQ valued at over €1.6 billion. The transaction is expected to close in the third quarter of 2021, subject to customary closing conditions, including regulatory approvals.
The transaction will position American Tower and CDPQ to jointly benefit from sustainable, long-term secular wireless growth trends in select European markets as 5G deployments and demand for communications infrastructure accelerate. ATC Europe’s portfolio, pro forma for the closing of American Tower’s pending Telxius acquisition, will consist of nearly 31,000 communications sites and establish ATC Europe as one of the largest independent communications infrastructure providers in Europe.
The Firm’s multidisciplinary and cross-border team advising CDPQ was led by London-based Infrastructure Partner Toby Parkinson, supported by James Shepherd, Jonathan Dillon, Andrew Quaile and Josh Baxter, with specialist advice led by James Boswell (Finance), André Duminy (TMT) and Nick Mace (Tax) and Ed Page (Tax), Samir Azzouzi (Spain), Frederik Muhl (Germany), Gilles Lebreton (France) and our colleagues in New York, who together supported Alexander Chmel (Deputy Head, Legal Affairs – Europe and APAC) and Si Xuan Cai (Director, Legal) of CDPQ.
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