Realty Income Corporation, a leading net lease REIT based in San Diego, has announced its definitive merger agreement with Spirit Realty Capital, Inc. This all-stock transaction is valued at approximately $9.3 billion and will result in an enterprise value of around $63 billion for the combined company.
According to Sumit Roy, president and CEO of Realty Income, this merger showcases their ability to create significant value for shareholders through their size and unique platform. He also believes that Spirit’s assets complement their existing portfolio and expand investments in industries with strong cash flow potential across economic cycles. Additionally, the merger will strengthen relationships with current clients while creating opportunities for new partnerships aligned with Realty Income’s growth goals.
Realty Income has enlisted Wells Fargo as sole financial advisor and Latham & Watkins as legal advisor for this transaction. J.P Morgan Securities LLC and Morgan Stanley are serving as financial advisors while Wachtell Lipton Rosen & Katz is acting as legal counsel to Spirit during the process.
