Alternative investment firm Stonepeak is investing a further $570m (€585.3m) in American Tower’s US data centre business.
Stonepeak’s latest investment, together with its initial $2.5bn investment announced in July, gives the $52bn infrastructure and real assets manager a 36% ownership stake in the US data centre business.
Based on the same terms and valuation as the initial investment, Stonepeak – via its core infrastructure strategy – is investing in common equity and mandatorily convertible preferred equity, in the deal which gives American Tower’s US data centre division a $10.5bn enterprise value.
The companies said the conversion is expected to occur four years from the date of the initial closing in August this year.
The data centre portfolio consists of 27 data centres in 10 US markets, more than 450 networks, 23 native cloud on-ramps and over 35,000 interconnections.
In November last year, American Tower announced the acquisition of US data firm CoreSite Realty.
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