W.P. Carey Inc (WPC.N) said on Monday it plans to buy commercial real estate owner Corporate Property Associates 17 – Global Inc in a deal valued at about $6 billion, making it one of the largest real estate investment trusts in the United States.
CPA 17 stockholders will receive 0.160 shares of W.P. Carey for each share held, equivalent to $10.72 per share based on the company’s Friday closing price.
After the deal closes in the fourth quarter of 2018, W.P. Carey will have a proforma enterprise value of $17.3 billion.
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