Realty Income to buy Spirit Realty Capital in a $9.3 billion deal (updated)

Spirit Realty Capital

30/10/2023 10:51

(Adds shares, details of the deal in paragraphs 2-5)
       Oct 30 (Reuters) - Realty Income  O.N  said on Monday it
would buy Spirit Realty Capital  SRC.N  in an all-stock deal
valued at $9.3 billion as it looks to expand its real estate
portfolio.
    Shares of Realty Income are down 1.7% at $48.4 in premarket
trading, while Spirit Realty was up 11% at $35.91.
    Under the terms of the agreement, Spirit shareholders will
receive 0.762 newly-issued Realty Income common shares for each
Spirit common share they own.
    Wells Fargo is serving as the financial adviser to Realty
Income and J.P. Morgan Securities and Morgan Stanley & Co are
serving as financial advisers to Spirit Realty.
    The deal is expected to close during the first quarter of
2024.

 (Reporting by Kannaki Deka in Bengaluru; Editing by Shilpi
Majumdar)
 ((Kannaki.Deka@thomsonreuters.com;))