Sidley Represents Stonepeak in $2.5 Billion Equity Investment in Data Center Company CoreSite | New
Sidley represented Stonepeak in the acquisition of a minority common stock and preferred stake in CoreSite, a data center company with a significant presence in eight major US markets, from American Tower for 2.5 billions of US dollars. The investment implies an enterprise value of approximately US$10.5 billion for the US data center business (held as a subsidiary of American Tower). Under the agreement, American Tower will retain managerial and operational control, as well as day-to-day oversight, of its US data center operations, and Stonepeak will obtain certain governance rights. This investment is part of Stonepeak’s core infrastructure strategy and will position American Tower and Stonepeak to mutually benefit from the demand for low latency hybrid computing solutions and agile interconnection between the platform’s data center campuses. shape, which are strategically located in major US cities. areas. The platform’s data center portfolio includes 27 data centers in 10 US markets, more than 450 networks, 23 cloud-native on-ramps, and more than 35,000 interconnects.
The Sidley team was led by partners Tim Chandler, Cliff Vrielink and Tommer Yoked, along with senior managing partner John Stribling, managing partner Chanse Barnes and partners Jack Messer, Sarah O’Brien and Kiana Shin. Additional support was provided by partners Chris Brause, Jerry Cummins and Jason Friedhoff (all REITs); Karen Kazmerzak and Patrick Harrison (Antitrust); Liz McCloy (Real Estate); Glenn Nash (technology transactions and life sciences); Heather Palmer (Environment); Alan Raul (Confidentiality); Angela Richards (tax); Josh Thompson (Finance); George Vlahakos (Capital Markets); Eric Winwood (Benefits and Executive Compensation); as well as attorney Marian Fielding (benefits and executive compensation); Robert Kelly (technology transactions and life sciences); Kenny Terrero (REIT); and Jim Weiss (Labour, Employment and Immigration). Support was also provided by Senior Managing Partner Dustin Anderson (REIT); managing partner Andrew Smith (REIT); and Associates Shen Mei Bolton (Finance); Joe Coniglio (Antitrust); Victor Flores (Confidentiality); Sasha Hondagneu-Messner (Confidentiality); Dina Kang and Paul Kariyawasam (technology transactions and life sciences); Joy Kerr (Real Estate); Shahrukh Khan (REIT); Collin Marshall (technology transactions and life sciences); Elizabeth Pyjov and Daniel Raymer (both REITs); Sheri Rockwell (Confidentiality); and Katie Sreenan and Jordan Varberg (Labour, Employment and Immigration).