American Tower among potential bidders in latest attempt to sell TDF Infrastructure
Ardian and EQT are also possible suitors in a deal that could fetch €10bn for the company’s owners
American Tower and private markets firm Ardian are among potential bidders interested in buying TDF Infrastructure, after a number of failed attempts to sell the French company in recent years.
Swedish alternative assets investor EQT Group and Paris-based infrastructure fund Antin are other possible buyers for the telecoms tower company, according to multiple people involved in the process.
A sale of TDF could fetch €8bn-€10bn, the people said, adding that its owners, including 45 per cent shareholder Brookfield Asset Management, have appointed bankers from BNP Paribas and UBS to find a buyer.
APG Asset Management, Arcus Infrastructure Partners and Canadian pension fund PSP Investments jointly own 45 per cent of TDF. Crédit Agricole Assurances, which has a 10 per cent stake, is not understood to be wanting to sell, according to two people familiar with the talks.
The process is at an early stage and may not result in a sale of TDF, which operates over 8,000 mobile towers across France for providers including Orange and Free, which is controlled by billionaire Patrick Drahi, the people said.
A successful sale would end a saga that has seen several attempts to sell TDF in recent years — most recently in 2023 — stall owing to a lack of buyer interest in a company that has struggled with competition from other tower operators.
But there could be a better chance of a transaction following the sale of TDF’s fibre broadband network to DIF Capital Partners in December 2024, which has slimmed down the business, said a person familiar with the talks.
Boston-based American Tower, which first entered Europe in 2012, already owns 4,400 towers in France. Chief executive Steven Vondran said in February the company saw “potential” in Europe for further acquisitions.
American Tower, Ardian, Brookfield, Antin and EQT all declined to comment.
A deal for TDF — which also provides wireless infrastructure for broadcast and radio services — would come at a time where several other tower deals have been pulled, including Cellnex’s attempts to sell its assets in Switzerland and Poland. TDF had €799.1mn of revenue last year.
James Ratzer, analyst at New Street Research said the slow progress on tower deals reflected uncertainty about the assets’ prospects.
“With higher interest rates, uncertainty on the impact of in market consolidation and slowing tenancy growth, private sector demand for buying tower assets has slowed,” he added.
TDF, UBS, PSP, BNP Paribas, Arcus and APG declined to comment. Crédit Agricole did not respond to a request for comment.