American Tower Corporation announced that it has closed its acquisition of CoreSite Realty Corporation following the completion of its previously announced tender offer for all outstanding shares of common stock of CoreSite. American Tower completed the acquisition of CoreSite through a merger of one of its wholly owned subsidiaries with and into CoreSite. The closing was funded by borrowings under American Tower’s revolving credit facilities and term l****.
Tom Bartlett, American Tower’s Chief Executive Officer stated, “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.”
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The transaction is anticipated to be modestly accretive to American Tower’s AFFO per Share initially, and increasingly accretive over time.
J.P. Morgan served as lead financial advisor to American Tower, who was also advised by CDX Advisors. 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.
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