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American Tower to buy data center operator CoreSite for $7.5 billion -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO A tower for telecommunications managed by American Tower can be seen in Golden Colorado, February 25, 2014. American Tower Corp is expected to announce their fourth quarter earnings for 2013 on February 25, REUTERS/Rick Wilking/File Photo

(Reuters: American Tower Corp (NYSE 🙂 Monday, January 31st agreed to acquire U.S. Data Center Operator CoreSite Realty Corp. The cash purchase will tap into a segment that experienced a boom of demand in the COVID-19 epidemic.

CoreSite’s Nov. 9 closing price was $170, which is 5.7% more than the offer price.

CoreSite shares rose 2.1% in premarket trading to $170.25

This Denver-based firm has over 24 data centers in North America. It leases space out to businesses that need it. The company was founded in 2006 as private equity firm. Carlyle Group (NASDAQ:) Inc was publicly listed a decade back.

It is anticipated that the deal will close before the end of 2012.

J.P. Morgan was American Tower’s chief financial adviser, with Evercore serving as CoreSite’s financial advisor.

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