Summary
American Tower Corporation (AMT) has entered into a definitive agreement to acquire CoreSite Realty Corporation (COR) in a transaction valued at approximately $10.1 billion. This acquisition will be conducted through an all-cash tender offer at $170.00 per share for all outstanding common shares of CoreSite, followed by a series of mergers. The deal is expected to significantly expand AMT's data center footprint, adding CoreSite's 25 data centers, 21 cloud on-ramps, and over 32,000 interconnections across eight major U.S. markets. The transaction is subject to customary closing conditions, including the tender of a majority of CoreSite's shares, and is anticipated to close by the end of 2021 or shortly thereafter. To finance the acquisition, AMT has secured a commitment for up to $10.5 billion in bridge loans from J.P. Morgan Chase Bank, N.A.
Key Highlights
- 1AMT to acquire CoreSite Realty Corp. (COR) for approximately $10.1 billion.
- 2The acquisition will be an all-cash tender offer at $170.00 per share for CoreSite's common stock.
- 3CoreSite operates 25 data centers with significant cloud connectivity across 8 major U.S. markets.
- 4The transaction is expected to close by the end of 2021 or shortly thereafter.
- 5Financing for the deal is secured through a committed bridge loan facility of up to $10.5 billion from J.P. Morgan Chase Bank.
- 6The acquisition is expected to enhance AMT's position in the data center infrastructure market.