We consider the problem of multi-cell downlink beamforming with N cells and K terminals per cell. Cooperation among base stations (BSs) has been found to increase the system throughput in a multi-cell set up by mitigating inter-cell interference. Most of the previous works assume that the BSs can exchange the instantaneous channel state information (CSI) of all their user terminals (UTs) via high speed backhaul links. However, this approach quickly becomes impractical as N and K grow large. In this work, we formulate a distributed beamforming algorithm in a multi-cell scenario under the assumption that the system dimensions are large. The design objective is the minimize the total transmit power across all BSs subject to satisfying the user SINR constraints while implementing the beamformers in a distributed manner. In our algorithm, the BSs would only need to exchange the channel statistics rather than the instantaneous CSI. We make use of tools from random matrix theory to formulate the distributed algorithm. The simulation results illustrate that our algorithm closely satisfies the target SINR constraints when the number of UTs per cell grows large, while implementing the beamforming vectors in a distributed manner.