Antin Infrastructure Partners announces having entered into a binding agreement with American Tower Corporation and PGGM (ATC Europe) for the sale of FPS Towers for €697 million (US$732 million).

FPS Towers is a leading pure-play telecom tower company in France. It owns over 2,400 telecom towers, has access to 20,000 rooftops across the country, and commercialises over 76,500 electricity pylons.

In planning the divestment, Antin ran a competitive process with strong interest from both strategic and financial buyers, which allowed it to maximise value for its investors, while securing an agreement with a reputable buyer with attractive plans for FPS in the future.

Antin was advised by J.P. Morgan on financial matters and Weil, Gotshal & Manges, respectively on legal matters.

Stéphane Ifker, Senior Partner at Antin leading the transaction, explained:

 “After more than four years of partnership with management we had exceeded our plans for the business and felt now was the best time to exit. We are pleased that FPS has found strong new partners in ATC Europe, who will support the company’s next phase of growth.”

Alain Rauscher, CEO and Managing Partner at Antin added: 

“Since our initial investment by creating the company in 2012 we have supported an extensive capital expenditure programme to position the business on a sustainable growth trajectory. After more than four years of remarkable growth and unrivalled expansion and innovation, we decided to sell our interest in FPS to ATC Europe.”