Realty Income to buy Spirit Realty Capital in a $9.3 billion deal

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By Robert Fofana

Realty Income to buy Spirit Realty Capital in a .3 billion deal
© Reuters.

(Reuters) – Realty Income (NYSE:) said on Monday it would buy Spirit Realty Capital (NYSE:) 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 (NYSE:) are serving as financial advisers to Spirit Realty.

The deal is expected to close during the first quarter of 2024.

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