WASHINGTON (dpa-AFX) - Real estate investment trust American Tower Corporation (AMT) on Monday said it would acquire CoreSite Realty Corporation (COR), a U.S. data center operator, for $170 per share in cash or about $10.1 billion, including assumption and/or repayment of CoreSite's existing debt at closing.
The transaction, which was unanimously approved by the boards of directors of both companies, is anticipated to be modestly accretive to American Tower's AFFO per Share initially, and increasingly accretive over time, and is expected to close by the end of 2021, or shortly thereafter.
Tom Bartlett, American Tower's CEO, said, '.We expect the combination of our leading global distributed real estate portfolio and CoreSite's high quality, interconnection-focused data center business to help position American Tower to lead in the 5G world. As the convergence of wireless and wireline networks accelerates and classes of communications infrastructure further align, we anticipate the emergence of attractive value creation opportunities within the digital infrastructure ecosystem...'
As per definitive agreement terms, American Tower, through a wholly owned subsidiary, will commence a tender offer for all of the shares of common stock of CoreSite. American Tower intends to finance the transaction in a manner consistent with maintaining its investment grade credit rating and has obtained committed financing from J.P. Morgan.
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.
Evercore is serving as sole financial advisor to CoreSite and Wachtell, Lipton, Rosen & Katz is serving as its principal legal advisor.
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