American Tower Corp. is partnering with PGGM to buy FPS Towers in France via their ATC Europe joint venture.

The deal's equity portion will be funded by American Tower and the Dutch pension fund manager in proportion to their stakes in the venture. The debt portion will be funded by American Tower. The deal is expected to be completed during the first quarter of 2017.

FPS Towers has about 2,400 wireless tower sites in operation across France. HSBC is serving as financial adviser to ATC Europe.