American Tower announced that it has completed CoreSite acquisition, following the completion of its previously announced tender offer for all outstanding shares of common stock of CoreSite. The acquisition is completed through a merger of one of the company’s wholly-owned subsidiaries with and into CoreSite.
Interconnected data centers and cloud on-ramps
The transaction is anticipated to be modestly accretive to American Tower’s AFFO per Share initially, and increasingly accretive over time. For the acquisition, J.P. Morgan served as lead financial advisor to American Tower, who was also advised by CDX Advisors. The closing of the acquisition was funded by borrowings under American Tower’s revolving credit facilities and term loans.
Cleary Gottlieb Steen & Hamilton LLP served as principal legal advisor to American Tower. Evercore served as sole financial advisor to CoreSite and Wachtell, Lipton, Rosen & Katz served as its principal legal advisor. Tom Bartlett, Chief Executive Officer of American Tower said,
« We are thrilled to welcome CoreSite’s exceptional team to American Tower and are ready to work together to create long-term shareholder value. As 5G deployments and wireless and wireline convergence accelerate, we expect to leverage CoreSite’s highly interconnected data center facilities and critical cloud on-ramps to drive strong, consistent, recurring growth while enhancing the value of our existing tower real estate through emerging edge compute opportunities. »