Stonepeak completed the acquisition of a 29% stake in US data center business from American Tower for $2.5bn.

Stonepeak, an alternative investment firm, completed the acquisition of a 29% stake in US data center business from American Tower, a provider of wireless communications infrastructure, for $2.5bn. "We are pleased to partner with Stonepeak in our US data center business, where we expect to create value through growth in our highly interconnected, cloud on-ramp rich portfolio of data center assets. In Stonepeak, we’ve found a like-minded partner, with deep communications infrastructure experience and a long-term investment philosophy that aligns with the principles of American Tower and our longer-term strategy in the data centers segment. While this transaction supports the equity financing component for our previously completed CoreSite acquisition, it also creates a platform through which growth opportunities can be strategically evaluated and financed, with American Tower and Stonepeak committed to executing on opportunities as the 5G ecosystem continues to develop," Tom Bartlett, American Tower President and CEO.