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QTS Realty Trust to Be Acquired by Blackstone Funds in $10 Billion Take-Private Deal

Paul, Weiss is advising data center operator QTS Realty Trust in its all-cash sale to Blackstone, in a transaction valued at approximately $10 billion, including the assumption of debt. Under the terms of the transaction, Blackstone Infrastructure Partners, Blackstone Real Estate Income Trust (BREIT), Inc. and other long-term perpetual capital vehicles managed by Blackstone will acquire all outstanding shares of common stock of QTS Realty Trust for $78.00 per share.

Upon closing, which is expected in the second half of 2021, subject to customary closing conditions, QTS’ common stock will no longer be listed on the New York Stock Exchange and the company will be jointly owned by Blackstone Infrastructure Partners and BREIT.

QTS, a Kansas-based REIT, owns more than seven million square feet of data-center space across North America and Europe. Its customers include big software and social-media companies as well as government entities that use the centers to securely store and process data.

The Paul, Weiss team includes corporate partners Matthew Abbott, Scott Barshay, Cullen Sinclair, Caith Kushner and John Kennedy; tax partners Scott Sontag and Patrick Karsnitz; executive compensation partners Jarrett Hoffman, Lawrence Witdorchic and Jean McLoughlin, and counsel Meghan Fox; real estate partner Salvatore Gogliormella; intellectual property partner Claudine Meredith-Goujon; environmental counsel William O'Brien; and antitrust counsel Yuni Sobel and Marta Kelly.

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