CoreSite, a leading hybrid IT solutions provider and subsidiary of American Tower and Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, 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.
CoreSite provides hybrid IT solutions that empower enterprises, cloud, network, and IT service providers to monetize and future-proof their digital busines.
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 with respect to certain REIT and tax matters.
