BENGALURU: Realty Income Corp said on Thursday it would buy commercial property landlord VEREIT Inc for about $11 billion and spin off office properties of both companies into a publicly traded REIT.

VEREIT shareholders will receive 0.705 shares of Realty Income stock and will own 30% of the combined company, while Realty shareholders will own 70%.

Realty Income expects the deal, likely to close during the fourth quarter of 2021, to result in over 10% accretion to its adjusted funds from operations per share in the first year.

Moelis & Company LLC and Wells Fargo Securities are acting as financial advisers to Realty Income.

J.P. Morgan Securities LLC is serving as the financial adviser to VEREIT.

Follow and connect with us on , Facebook, Linkedin



Source link

Leave a comment

Your email address will not be published. Required fields are marked *