American Tower Slips After Deciding To Buy CoreSite

Shares of REIT American Tower Corporation (AMT) are down more than 3% Monday morning following its decision to acquire CoreSite Realty Corporation (COR) for $170 per share, to be paid in cash.

The transaction values about $10.1 billion, including debt.

CoreSite, which as of Q3 2021 consisted of 25 data centers, 21 cloud on-ramps and over 32,000 interconnections in eight major U.S. markets, generated annualized revenue and Adjusted EBITDA of $655 million and $343 million, respectively, in Q3 2021, the company said.

AMT, currently at $262.04, has traded in the range of $197.50- $303.72 in the past 52 weeks.

Source: Read Full Article