American Tower US data-center investment upsize
Stonepeak →Stonepeak invested an additional $570 million in American Tower's United States data-center business, completing the upsize on 20 October 2022 and announcing it on 27 October. This follows the initial $2.5 billion investment completed in August 2022. Combined common and mandatorily convertible preferred equity represented approximately 36% ownership on a fully converted basis at the then outstanding capitalization. Conversion was expected four years after the initial closing, so that percentage should retain its conditional historical basis. The investment belongs to Stonepeak's core infrastructure strategy. MUFG advised Stonepeak and Sidley Austin supplied legal counsel. American Tower retained its parent relationship to CoreSite; this is not a purchase of American Tower overall.