American Tower Completes the Acquisition of CoreSite

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Sienna Rowley
Sienna is an editor at Cloud Host News. She is an internet enthusiast, always eager to explore the latest trend in the tech space. In her free time, she is a modest family woman who loves traveling.

American Tower announced that it has completely acquired the data center operator CoreSite after the previously announced tender offer for all outstanding shares of CoreSite Realty Corporation was completed.

One of the fully owned subsidiaries of American Tower got merged with CoreSite and that’s how the acquisition of American Tower and CoreSite got completed. The acquisition is valued at $10.1 billion.

For those who don’t know, CoreSite has 25 data centers, 21 cloud on-ramps, and more than 32,000 interconnections in eight major cities in the U.S. The data center operator has also generated annual revenue of $655 million and Adjusted EBITDA of $343 million in Q3 2021.

Talking about the acquisition American Tower’s CEO Tom Bartlett said that his team is excited to onboard the CoreSite’s exceptional team and are ready to collectively work on creating long-term shareholder value.

He further said that they will be leveraging CoreSite’s highly interconnected data center facilities and critical cloud on-ramps to drive strong, consistent, recurring growth.

As per American Tower, the CoreSite’s portfolio matches its requirements to boost future organic growth.

American Tower is a prominent independent owner, operator, and developer of multitenant communications real estate with a portfolio of about 219,000 communication websites and a highly interconnected footprint of U.S. data center facilities.

According to the report by Businesswire on the American Tower and CoreSite acquisition, the transaction is expected to be modestly accretive to American Tower’s AFFO per share initially and increasingly over time.

For additional information about American Tower, you can visit their official site www.americantower.com.

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