Sidley Advises on TMT Finance’s “Data Center Deal of the Year” – Stonepeak’s Acquisition of Coresite

Sidley represented Stonepeak on TMT Finance’s 2023 “Data Center Deal of the Year” which was announced at the TMT M&A Awards USA Gala Dinner in New York. The winning deal and parties involved were honored for their work on the acquisition of a 29% stake in American Tower’s U.S. data center business, Coresite for US$2.5 billion, implying an enterprise value of approximately US$10.5 billion. 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 IT solutions, and agile interconnection across the platform’s data center campuses, which are strategically located in key U.S. metro areas. The platform’s data center portfolio consists of 27 data centers in 10 U.S. markets, more than 450 networks, 23 native cloud on-ramps, and over 35,000 interconnections.

The TMT M&A Awards USA celebrates the most significant American digital infrastructure and telecommunications, media and technology investment, and M&A transactions of the year. Sidley’s Data Center team is global and comprised of Corporate, M&A, Real Estate, Securities, Finance, Energy & Infrastructure, IP/IT, Environmental, Tax, Government, Regulatory, and other specialists. This team has expertise in the architecture, and the legal and regulatory environment, for digital infrastructure.

The Sidley team was led by partners Tim Chandler, Cliff Vrielink, and Tommer Yoked, as well as senior managing associate John Stribling, managing associate Chanse Barnes, and associates Jack Messer and Kiana Shin (all Energy and Infrastructure). Additional support was provided by partners Chris Brause, Jerry Cummins, and Jason Friedhoff (all REITs); Patrick Harrison (Antitrust); Liz McCloy (Real Estate); Glenn Nash (Technology & Life Sciences Transactions); Heather Palmer (Environmental); Alan Raul (Privacy); Angela Richards (Tax); Josh Thompson (Finance); George Vlahakos (Capital Markets); Eric Winwood (Employee Benefits and Executive Compensation); as well as counsel Marian Fielding (Employee Benefits and Executive Compensation); Robert Kelly (Technology & Life Sciences Transactions); Kenny Terrero (REITs); and James Weiss (Labor, Employment and Immigration). Support was also provided by senior managing associate Dustin Anderson (REITs); managing associate Andrew Smith (REITs); managing associate Shen Mei Bolton (Finance); associate Sasha Hondagneu-Messner (Privacy); associate Dina Kang and managing associate Paul Kariyawasam (both Technology & Life Sciences Transactions); associate Shahrukh Khan (REITs); associate Collin Marshall (Technology & Life Sciences Transactions); managing associate Daniel Raymer (REITs); counsel Sheri Rockwell (Privacy); and managing associate Katie Sreenan (Labor, Employment and Immigration).