VEREIT shareholders will receive 0.705 shares of Realty Income stock and will own 30% of the combined company, while Realty shareholders will own 70%.

BENGALURU: Realty Income Corp said on Thursday it would buy commercial property landlord VEREIT Inc for about $11 billion and spin off office properties of both companies into a publicly traded REIT.

VEREIT shareholders will receive 0.705 shares of Realty Income stock and will own 30% of the combined company, while Realty shareholders will own 70%.

Realty Income expects the deal, likely to close during the fourth quarter of 2021, to result in over 10% accretion to its adjusted funds from operations per share in the first year.

Moelis & Company LLC and Wells Fargo Securities are acting as financial advisers to Realty Income.

J.P. Morgan Securities LLC is serving as the financial adviser to VEREIT.

https://realty.economictimes.indiatimes.com/news/commercial/realty-income-to-buy-commercial-property-landlord-vereit-for-about-11-billion/82325491