Kimco Realty, Weingarten Realty Investors To Merge
WASHINGTON (dpa-AFX) - Kimco Realty Corp. (KIM) and Weingarten Realty Investors (WRI) have reached a merger deal under which Weingarten will merge with and into Kimco, with Kimco continuing as the surviving public company. Each Weingarten common share will be converted into 1.408 newly issued shares of Kimco common stock plus $2.89 in cash. This represents a total consideration of approximately $30.32 per Weingarten share.
On a pro forma basis, following the closing of the transaction, Kimco shareholders are expected to own approximately 71% of the combined company s equity, and Weingarten shareholders are expected to own approximately 29%. The Kimco management team will lead the combined company. The combined company is projected to have a pro forma equity market capitalization of approximately $12.0 billion and a pro forma total enterprise value of approximately $20.5 billion. Upon closing, the deal is expected to be immediately
Kimco Realty Corp. (NYSE: KIM) is acquiring Houston-headquartered rival Weingarten Realty Investors (NYSE: WRI) in a deal valued at roughly $3.87 billion.
What Happened: Kimco Realty Corp. is a Jericho, New York-based real estate investment trust focused on open-air, grocery-anchored. Read More. Don t Miss Any Updates! News Directly in Your Inbox Subscribe to:
By Reuters Staff
2 Min Read
(Reuters) -Shopping center owner Kimco Realty Corp said on Thursday it would buy rival Weingarten Realty Investors for about $3.87 billion, adding heft to its business just as more parts of the U.S. economy reopen with the rollout of COVID-19 vaccines.
The deal will create a company with 559 open-air grocery-focused shopping centers one of the better performing parts of the commercial real estate sector during the pandemic as people rushed to stores to stock up on essential items.
The company’s tenants will include Kroger, Whole Foods and Walmart Inc, as well as discount retailers such as TJX Cos Inc, Ross Stores Inc and Burlington Stores Inc.
(WRI): Johnson Fistel Investigates Proposed Sale of Weingarten Realty; Are Shareholders Getting a Fair Deal? prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
Kimco Realty Corp. (NYSE: KIM) is acquiring Houston-headquartered rival Weingarten Realty Investors (NYSE: WRI) in a deal valued at roughly $3.87 billion.
What Happened: Kimco Realty Corp. is a Jericho, New York-based real estate investment trust focused on open-air, grocery-anchored. Read More. Don t Miss Any Updates! News Directly in Your Inbox Subscribe to: