After putting $2.5 billion toward the effort earlier this year, Stonepeak said it would put $570 million toward American Tower's CoreSite data center business. #pressrelease

Mike Dano, Editorial Director, 5G & Mobile Strategies

October 28, 2022

1 Min Read

DENVER – CoreSite, a leading hybrid IT solutions provider and subsidiary of American Tower Corporation (NYSE: AMT) ("American Tower") and Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced that Stonepeak, on behalf of certain affiliated investment vehicles, invested an additional $570.0 million, which, together with its initial $2.5 billion investment in August 2022, on a fully converted basis and based on the currently outstanding equity, represents an approximately 36% ownership interest in American Tower's U.S. data center business. The conversion is expected to occur four years from the date of the initial closing in August 2022. The upsize transaction was completed on October 20, 2022. The upsize investment comprises both common equity and mandatorily convertible preferred equity, on the same terms and valuation as the initial investment. Stonepeak's investment is part of its core infrastructure strategy.

J.P. Morgan is serving as lead financial advisor to American Tower, who is also being advised by CDX Advisors. Cleary Gottlieb Steen & Hamilton LLP is serving as principal legal advisor to American Tower, who is also being advised by Sullivan & Worcester LLP with respect to certain REIT and tax matters. MUFG Bank, Ltd. is serving as sole financial advisor to Stonepeak. Sidley Austin LLP is serving as principal legal advisor to Stonepeak.

CoreSite

About the Author(s)

Mike Dano

Editorial Director, 5G & Mobile Strategies, Light Reading

Mike Dano is Light Reading's Editorial Director, 5G & Mobile Strategies. Mike can be reached at [email protected], @mikeddano or on LinkedIn.

Based in Denver, Mike has covered the wireless industry as a journalist for almost two decades, first at RCR Wireless News and then at FierceWireless and recalls once writing a story about the transition from black and white to color screens on cell phones.

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