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Realty Income to Acquire Spirit Realty Capital for $5.3 Billion - Yahoo Finance

Author: Yahoo Finance

Source: https://finance.yahoo.com/news/realty-income-acquire-spirit-realty-112254665.html

Image of Realty Income to Acquire Spirit Realty Capital for $5.3 Billion - Yahoo Finance

(Bloomberg) -- Realty Income Corp., an owner of convenience stores, warehouses and other commercial real estate, agreed to acquire Spirit Realty Capital Inc.for $5.3 billion in an all-stock transaction.Most Read from BloombergIsrael Latest: Netanyahu Defies Calls to Quit, UN Warns on SyriaInnovent, Lilly Obesity Drug Spurs More Weight Loss in TrialSaudi Forces on High Alert After Deadly Clash With Houthi RebelsSony’s Bungie Game Unit Cuts Staff Following Delayed TitlesIsrael-Hamas War Escalation Puts Qatar’s Clout to the TestSpirit shareholders will receive 0.762 newly issued shares of Realty Income for each share that they own, according to a statement Monday.The deal is expected to close in the first quarter of 2024.The transaction is expected to diversify Realty Income’s tenant base, create $50 million in annualized synergies and build a real estate investment trust with an enterprise value of $63 billion, according to the statement.The agreement follows Realty Income’s 2021 acquisition of Vereit Inc.“The merger with Spirit is yet another example of how our size, scale, and unique platform value continue to create substantial value for our shareholders,” said Realty Income Chief Executive Officer Sumit Roy.Most Read from Bloomberg BusinessweekIs This Poop-Test Startup Just Wellness Theater?America’s Culture Wars Have Liberal Parents Opting for Home-SchoolingSam Bankman-Fried Takes Stand in Reminder of Crypto’s Epic FallThe Business of Children’s Books in This New Era of Book BanningThe War That Broke Social Media©2023 Bloomberg L.P.

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