American Tower Corporation’s Acquisition of CoreSite Realty Corporation

Cleary Gottlieb Steen & Hamilton advised American Tower, while Wachtell, Lipton, Rosen & Katz advised CoreSite on the deal. Davis Polk advised J.P. Morgan as financial adviser to American Tower Corporation.

American Tower Corporation (NYSE: AMT) and CoreSite Realty Corporation (NYSE: COR) have entered into a definitive agreement through which American Tower will acquire CoreSite for $170.00 per share in cash. The total consideration for the transaction, including the assumption and/or repayment of CoreSite’s existing debt at closing, is approximately $10.1 billion. The transaction, which was unanimously approved by the boards of directors of both companies, is expected to create a differentiated, comprehensive and interconnected communications real estate platform optimally positioned to benefit from the convergence of wireline and wireless networks amid accelerating global 5G deployments.

American Tower intends to finance the transaction in a manner consistent with maintaining its investment grade credit rating and has obtained committed financing from J.P. Morgan. J.P. Morgan is serving as lead financial advisor to American Tower, who is also being advised by CDX Advisors.

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of approximately 219,000 communications sites. 

CoreSite delivers secure, reliable, high-uptime data center campuses with high-performance cloud access and interconnection solutions to a growing customer ecosystem across eight key North American markets. More than 1,370 of the world’s leading enterprises, network operators, cloud providers, and supporting service providers choose CoreSite to connect, protect and optimize their performance-sensitive data, applications and computing workloads. 

The Wachtell Lipton’s team included Adam O. Emmerich, Partner (Picture), Zachary S. Podolsky, Partner, Sahand Moarefy, Associate, Stefan A. Rajiyah, Associate, Samuel C. Telzak, Law Clerk (Corporate), Robin Panovka, Partner (Real Estate M&A), Erica E. Bonnett, Partner, Brian Diliberto, Associate (Executive Compensation and Benefits), Emily D. Johnson, Partner, John H. Bailey, Associate (Finance), Ryan A. McLeod, Partner (Litigation), Jodi J. Schwartz, Partner, Tijana J. Dvornic, Partner, and Alexandra M. Ferrara, Associate (Tax).

The Cleary Gottlieb M&A team included partners Benet O’Reilly and Kim Spoerri, senior attorney Michael Saliba, associate Claire Schupmann, and law clerk Brydne Slattery.  Partner Michael Albano, counsel Laura Bagarella, and associate Desta Hailu advised on executive compensation and employee benefits matters. Partner William McRae and associates Kylie Barza and Michael Sims advised on tax matters. Partner Daniel Ilan and associates Samantha Simmons and Melissa Faragasso advised on IP matters.  Partners Craig Brod and Francesca Odell and  associates Jeff Shim and Kiki Manzur advised on capital markets matters. Partner Duane McLaughlin, associate Declan White, and law clerk Samson Lim advised on financing matters. Partner Dan Culley advised on antitrust matters. 

The Davis Polk corporate team included partner Phillips R. Mills and associate Katey Peardon.

Involved fees earner: Michael Albano – Cleary Gottlieb Steen & Hamilton; Laura Bagarella – Cleary Gottlieb Steen & Hamilton; Kylie Barza – Cleary Gottlieb Steen & Hamilton; Craig Brod – Cleary Gottlieb Steen & Hamilton; Daniel Culley – Cleary Gottlieb Steen & Hamilton; Melissa Faragasso – Cleary Gottlieb Steen & Hamilton; Daniel Ilan – Cleary Gottlieb Steen & Hamilton; Maria Manzur – Cleary Gottlieb Steen & Hamilton; Duane McLaughlin – Cleary Gottlieb Steen & Hamilton; William McRae – Cleary Gottlieb Steen & Hamilton; Francesca Odell – Cleary Gottlieb Steen & Hamilton; Benet O’Reilly – Cleary Gottlieb Steen & Hamilton; Michael Saliba – Cleary Gottlieb Steen & Hamilton; Claire Schupmann – Cleary Gottlieb Steen & Hamilton; Jeff Shim – Cleary Gottlieb Steen & Hamilton; Samantha Simmons – Cleary Gottlieb Steen & Hamilton; Michael Sims – Cleary Gottlieb Steen & Hamilton; Kimberly Spoerri – Cleary Gottlieb Steen & Hamilton; Declan White – Cleary Gottlieb Steen & Hamilton; Phillip Mills – Davis Polk & Wardwell; Katey Peardon – Davis Polk & Wardwell; John Bailey – Wachtell, Lipton, Rosen & Katz; Erica Bonnett – Wachtell, Lipton, Rosen & Katz; Brian Diliberto – Wachtell, Lipton, Rosen & Katz; Tijana Dvornic – Wachtell, Lipton, Rosen & Katz; Adam Emmerich – Wachtell, Lipton, Rosen & Katz; Alexandra Ferrara – Wachtell, Lipton, Rosen & Katz; Emily Johnson – Wachtell, Lipton, Rosen & Katz; Ryan McLeod – Wachtell, Lipton, Rosen & Katz; Sahand Moarefy – Wachtell, Lipton, Rosen & Katz; Robin Panovka – Wachtell, Lipton, Rosen & Katz; Zachary Podolsky – Wachtell, Lipton, Rosen & Katz; Stefan Rajiyah – Wachtell, Lipton, Rosen & Katz; Jodi Schwartz – Wachtell, Lipton, Rosen & Katz;

Law Firms: Cleary Gottlieb Steen & Hamilton; Davis Polk & Wardwell; Wachtell, Lipton, Rosen & Katz;

Clients: American Tower Corporation; CoreSite Realty Corporation; J.P. Morgan Securities LLC;