UPDATE 1-American Tower to buy data center operator CoreSite for $7.5 bln

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(Adds coresite background, deal details, share movement)

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Nov 15 (Businesshala) – American Tower Corp on Monday agreed to buy US data center operator CoreSight Realty Corp for $7.51 billion in cash, to tap an area that has hit demand during the COVID-19 pandemic. Have seen a jump.

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The offering price of $170 per share represents a premium of about 5.7% to CoreSight’s November 9 closing price, when Businesshala first reported negotiations of the deal.

Shares of CoreSite rose 2.1% to $170.25 in premarket trading.

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The Denver-based company has more than 24 operating data center facilities in North America, leasing space to companies that outsource some of its computing power. It began as a company of private equity firm Carlyle Group Inc. and went publicly listed a decade ago.

The deal is expected to be completed by the end of this year. JPMorgan was American Tower’s principal financial advisor, while Evercore served as CoreSight’s financial advisor.

Reporting by Chavi Mehta and Tiyashi Datta in Bengaluru; Editing by Aditya Soni

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