Public Storage To Acquire National Storage Affiliates In $10.5B All-Stock Deal At 0.14 Exchange Ratio, Representing $41.68 Per NSA Share
Benzinga Newsdesk 7 months ago
M&ANews
Increases Public Storage's leading brand and scale in key U.S. markets complementary with existing portfolio to meaningfully enhance omnichannel digital-first platform for customersNew joint venture created with NSA
- Increases Public Storage's leading brand and scale in key U.S. markets complementary with existing portfolio to meaningfully enhance omnichannel digital-first platform for customers
- New joint venture created with NSA Operating Partnership unitholders with 313 properties providing attractive yield alternative to existing NSA OP unitholders in a tax-efficient way
- Marks first value creation milestone under PS4.0™ plan delivering substantial growth opportunity of earnings per share in a leverage neutral transaction
- Public Storage to wholly-own 488 of the over 1,000 properties on balance sheet focusing on key Sun Belt and core markets
- All-stock transaction with an exchange ratio of 0.14, representing an implied offer price of $41.68 per NSA share