American Tower to acquire CoreSite in $10.1bn deal

American Tower and CoreSite Realty Corporation revealed on Monday that the pair has entered into a definitive agreement that will see the former acquire the latter in a $170.00 per share cash deal.

American Tower stated the total consideration for the transaction, including the assumption and/or repayment of CoreSite’s existing debt, was approximately $10.1bn.

Both parties expect the acquisition to create "a differentiated, comprehensive and interconnected communications real estate platform" that is "optimally positioned to benefit from the convergence of wireline and wireless networks" amid accelerating global 5G deployments.

"With increased scale and a broadened, more comprehensive offering, American Tower and CoreSite expect the combined company to be well-positioned to address evolving customer needs through an enhanced value proposition for network and cloud providers, service integrators and enterprise customers," said the pair.

"By combining the capabilities, talent and resources of American Tower and CoreSite, the combined company will be even better equipped to deliver superior service and expanded solutions to customers. This transaction brings together American Tower's wireless connectivity at the mobile edge and CoreSite's highly interconnected data center facilities at the core edge to create an extended edge for our customers that can seamlessly support high-performance, low-latency applications. In addition, with American Tower's global footprint, the combined company will be positioned to support customer's needs in additional markets."