(Reuters) – Realty Income said on Monday it would buy Spirit Realty Capital 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)
