M&A · Financials · Real Estate Investment Trusts
American Tower Corp to acquire CoreSite Realty Corp
Announced Nov 15, 2021 · Closed Dec 28, 2021
Deal value$7.51BEV $9.29B
Premium—To unaffected price
EV / Adj. EBITDA27.2x14.6x EV / Revenue
ConsiderationAll cash$170.00 per share
Transaction
- Acquirer
- American Tower Corp (AMT)
- Target
- CoreSite Realty Corp
- Buyer type
- Strategic
- Offer price per share
- $170.00
- Enterprise value
- $9.29B
- Status
- Closed Dec 28, 2021
Deal protections
- Break fee (target pays)
- $300M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- JPMorgan
- To the target
- Evercore
- Evercore fee
- $61.0M
Sector context · Financials
- Comparable deals
- 65 in the prior 24 months
- Premium
- Sector median 33.9%
- EV / Adj. EBITDA
- 27.2x vs. 21.6x sector median
- Break fee
- 4.0% vs. 3.6% sector median
Timeline
- AnnouncedNov 15, 2021
- Tender offerNov 29, 2021
- ClosedDec 28, 2021
Valuation · fairness opinions
Trading comparables$130.95$153.75
Trading comparables$137.95$161.95
Precedent transactions$131.05$159.00
Precedent transactions$119.15$156.20
Precedent transactions$115.00$166.75
Offer $170.00
Implied value per CoreSite Realty Corp share by analysis, from Evercore.