American Tower to Buy CoreSite for $10.1 Billion
15 November 2021 - 11:59PM
Dow Jones News
By Matt Grossman
American Tower Corp. will acquire CoreSite Realty Corp. in a
deal valued at $10.1 billion, the companies said Monday.
The merger would combine two companies that support
communications and data infrastructure. American Tower is a
real-estate investment trust that has a portfolio of hundreds of
thousands of communications towers and other sites. CoreSite has a
portfolio of data centers.
American Tower would pay $170 a share in cash for CoreSite,
whose shares closed at $166.59 on Friday.
Adding CoreSite's data centers would help American Tower serve
customers amid the rise of 5G connectivity, American Tower Chief
Executive Tom Bartlett said.
The deal is expected to close by the end of this year or shortly
thereafter, the companies said. American Tower said it expects the
deal to be modestly accretive to its adjusted funds from operations
initially, and increasingly accretive over time.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
November 15, 2021 07:44 ET (12:44 GMT)
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