Stonepeak, an alternative investment firm focused on infrastructure and real assets, has invested an additional $570 million in CoreSite, an information technology services provider and subsidiary of American Tower Corp.
This investment, together with the firm’s initial $2.5 billion investment, on a fully converted basis and based on currently outstanding equity, represents an approximately 36 percent ownership interest in American Tower’s U.S. data center business. The upside investment is made up of both common equity and mandatorily convertible preferred equity. Stonepeak’s investment is part of its core infrastructure strategy.
J.P. Morgan is serving as 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, who is also being advised by Sullivan & Worcester LLP with respect to certain REIT and tax matters. MUFG Bank Ltd. is serving as financial advisor to Stonepeak. Sidley Austin LLP is serving as legal advisor to Stonepeak.