Steve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.
Spirit Realty Capital Inc.’s stock SRC, -2.24% was up by 7% in premarket trading on Monday after it agreed to be acquired by Realty Income Corp. O, -1.59% in a deal that values the Dallas-based real estate investment company at $9.3 billion. Realty Income stock was down 2% in premarket trading. Realty Income has agreed to pay 0.762 newly-issued Realty Income common shares for each Spirit common share. The deal comes one trading day after Spirit Realty stock closed at a three-year low.
Based on closing stock prices on Friday, the purchase price values Spirit Realty at $37.34 a share, a 15.4% premium over its closing price of $32.35 a share on Friday. Realty Income said the deal will provide it with more than 2.5% accretion to its annualized adjusted funds from operations per share. Realty Income shareholders will own 87% of the combined company which will have a vale of $63 billion, and Spirit Realty shareholders will hold 13%.
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