Summary
American Tower Corporation (AMT) has officially completed its acquisition of CoreSite Realty Corporation (CoreSite), a significant development for the company and its investors. The all-cash tender offer for CoreSite's shares, initiated on November 29, 2021, at $170.00 per share, successfully closed on December 28, 2021. A substantial majority of CoreSite's shareholders, representing approximately 71.15% of outstanding shares, tendered their shares, satisfying the minimum tender condition and allowing the merger to proceed. This move significantly expands American Tower's digital infrastructure footprint. The completion of the acquisition involved a series of mergers, including a REIT merger and an OP merger, resulting in CoreSite and its operating partnership becoming wholly owned subsidiaries of American Tower. The total consideration for this transaction, including the assumption and repayment of CoreSite's existing debt, amounted to approximately $10.1 billion. The financing for this substantial acquisition was primarily sourced through borrowings under the company's Permanent Loan Facilities. As a consequence of the acquisition, CoreSite's common stock will be delisted from the New York Stock Exchange, and its reporting obligations under the Securities Exchange Act will be suspended.
Key Highlights
- 1American Tower Corporation has successfully completed its acquisition of CoreSite Realty Corporation.
- 2The acquisition was an all-cash tender offer at $170.00 per share.
- 3Approximately 71.15% of CoreSite's outstanding shares were validly tendered and accepted.
- 4The transaction was completed on December 28, 2021, following the offer's expiration on December 27, 2021.
- 5The total transaction value, including debt, was approximately $10.1 billion.
- 6Financing for the acquisition was primarily obtained through borrowings under Permanent Loan Facilities.
- 7CoreSite's common stock will be delisted from the NYSE, and its SEC reporting obligations will be terminated.