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Allianz buys 10% stake in American Towers Europe

FRANKFURT, June 16 (Reuters) - German insurer Allianz is buying a 10% stake in the European arm of telecoms towers group American Tower Corp., the companies said in a statement on Wednesday.

The 530 million euros ($642 mln) deal gives ATC Europe a valuation of 8.8 billion euros, including debt, the same figure seen when Canada’s Caisse de depot et placement du Québec bought 30% in ATC Europe last month.

American Tower will retain managerial and operational control and Allianz will obtain seats on ATC Europe’s board of directors, along with certain governance rights. ($1 = 0.8254 euros) (Reporting by Arno Schuetze Editing by Riham Alkousaa)

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