New York-based American Realty has officially acquired Cole Real Estate for $7 billion. The cash-and-stock deal to create a real estate investment trust with more than 3,700 retail, office and other properties was announced in October.
American Realty, based at 405 Park Avenue and run by Nicholas Schorsch, issued to Phoenix-based Cole stockholders 1.09 shares of common stock for each Cole share, according to Crain’s.
Stocks were only issued to those that chose to receive stock or to those that didn’t make a selection. So under the cash option American Realty paid about $147 million at $13.82 per share.
“Far more can be accomplished by these two great companies working together than either one could have hoped to achieve independently,” Schorsch said when the deal was first announced in October. [Crain’s] —Christopher Cameron