Real estate investment trust Extra Space Storage said on Monday it will acquire Life Storage for $12.7 billion in a deal that will result in the combined company becoming the largest U.S. self-storage space operator by store count.
Public Storage said later in February it was "committed to pursuing a potential combination". The company did not immediately respond to a request for comment on Monday.
As part of the deal announced on Monday, Life Storage shareholders will get 0.8950 of an Extra Space share for each share held, representing a total consideration of about $145.82 per share, or a premium of 11.23% based on the stock's last close.The deal will increase the size of Extra Space's portfolio by more than 50% by store count, according to the company. On deal close, Extra Space and Life Storage shareholders are expected to own about 65% and 35% of the combined company.
The board of Extra Space will be expanded from 10 directors to 12 and consist of three directors from Life Storage. Extra Space's lead financial adviser was Citigroup Global Markets Inc, whereas Wells Fargo Securities and BofA Securities were Life Storage's financial advisers. Reporting by Pratyush Thakur in Bengaluru and Anirban Sen in New York; Editing by Rashmi Aich, Anil D'Silva and Shounak Dasgupta
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