American Tower has sold approximately 29 percent stake in its U.S. data center business subsidiary for $2.5 billion to Stonepeak, an investment firm specializing in infrastructure and real assets.
The enterprise value of the U.S. data center business will be approximately $10.5 billion, American Tower said in a news statement.
American Tower will retain managerial and operational control, as well as day-to-day oversight of its U.S. data center business, and Stonepeak will obtain certain governance rights. Stonepeak is making its investment as part of its core infrastructure strategy.
The transaction 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.