Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles , BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229- 64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels, 28.6.2021  
C(2021) 4918 final  
PUBLIC VERSION 
Caisse de Dépôt et P lacement du 
Québec  
Edifice Jacques -Parizeau  
1000, place Jean-Paul -Riopelle  
H2Z 2B Montréal  
Canada  
 
American Tower International, Inc. 
116 Huntington Avenue  
02116 Boston, Massachusetts 
United States of America   
Subject : Case M.10328 – CDPQ/ATI/ATI EUROPEAN COMMUNICATIONS 
INFRASTRUCTURE BUSINESS  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041 and Article 57 of the Agreeme nt on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 2 June 2021, the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Caisse de 
dépôt et placement du Québec (“CDPQ”, Canada ) and American Tower International 
Inc. (“ATI”, United States of America ) acquire within the meaning of Article s 3(1)(b) 
and 3(4) of the Merger Regulation joint control of the whole of ATI’s European 
Communications Infrastructure Business (“Target” ), by wa y of purchase of shares .3 
2. The business activities of the undertakings concerned are:  
− CDPQ: long -term institutional investor that manages funds primarily for public 
and para -public pension and insurance plans in the Province of Québec. CDPQ is 
the second largest pension fund manager in Canada , 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009, the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘ Community ’ by ‘Union’  and ‘common market ’ by ‘internal market ’. The termino logy 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p. 3 ( the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 221, 10.6.2021, p. 28.  

2 − ATI: wholly owned subsidiary of American Towers LLC, which is itself a wholly 
owned subsidiary of the American Tower Corporation (ATC). ATC is an 
independent owner and operator of passive wireless communications 
infrastructure, which has a portfolio of approximately 183,000 telecommunication 
infrastructure sites in the Americas, Europe, Africa and Asia ,  
− Target: as the European arm of ATI, it offers mobile network operator-neutral telecom hosting services on passive wireless communications infrastructure sites 
in France, Germany, Poland and, as a result of the parallel acquisition of another 
company (Telxius) by ATI, in Spain.  
3. After examination of the notification, the European Commission has concluded that 
the notifi ed operation falls within the scope of the Merger  Regulation  and of 
paragraph 5(b) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No  139/2004.
4 
4. For the reasons set out in the Notice on a simplified procedure, the European Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5.