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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
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.
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