Allen & Overy advises DigitalBridge on a stake in GD Towers in affiliation with Brookfield
Allen & Overy advises DigitalBridge on a stake in GD Towers in affiliation with Brookfield
The transaction values at EUR17.5 billion
Allen & Overy has advised the DigitalBridge Group on funds associated with its investment management arm together with Brookfield Infrastructure and its institutional partners. They have reached an agreement to acquire a 51 percent ownership stake in GD Towers.
The transaction values GD Towers, the mobile telecommunications tower business of Deutsche Telekom AG on a consolidated basis, including the assumption of net debt.
GD Towers is Germany's largest tower company, owning and operating over 33,000 towers and communication sites in Germany and over 7,000 towers and communication sites in Austria. It is led by an independent management team with decades of European tower company experience and a track record of delivering consistent growth and stable cash flows.
GD Towers' high-quality portfolio is supported by an anchor tenancy agreement with Deutsche Telekom. Following the transaction, Deutsche Telekom will retain a 49 percent ownership stake in GD Towers.
A large cross-border deal team of over 50 A&O lawyers was led by London partners Sara Pickersgill, Andrew Kenning and Ed Moser.
The team in Germany was led by partners Christian Hilmes, Nicholas Ascherfeld and Hendrik Roehricht, with counsels Ruediger Kleuber and Daniel Bolm. They were supported by senior associate Rob Hatton and associate Laura Green in London and senior associate Jan-Benedikt Fischer and associates Daniel Wendler and Naemi Czempiel in Germany.
The financing work was provided by associates Arvindh Rai and Rhushub Bidd in London.
Simon Koenig, Riccardo Marinello, Oliver Ahnseel, Paul Gerlach, Hauke Jung, Heike Weber, Thomas Dieker, Merle Hermann, Stephan Buehner, and Anna Kraeling provided special inputs in Germany.
