Deals
American Realty Capital to Purchase Cole for $6.85 Billion
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American Realty Capital Properties Inc. agreed to buy Cole Real Estate Investments Inc. for about $6.85 billion as it seeks to become the largest owner of U.S. single-tenant buildings.
American Realty will pay 1.0929 common shares, valued at $14.59 apiece, for each Cole share, or $13.82 in cash, the companies said in a statement today. Based on yesterday’s trading, the stock offer is 14 percent higher than Cole’s closing price. Including debt, the deal is valued at $11.2 billion, according to the statement.