Web lease REIT STORE Capital Corp. is being acquired by a partnership between world institutional investor GIC and Oak Avenue, a division of internet lease investor Blue Owl, in an all-cash deal value $14 billion.
The transaction, which was unanimously accredited by the STORE Capital Board of Administrators, is predicted to shut within the first quarter of 2023, topic to approval by STORE Capital’s stockholders and sure different customary closing circumstances.
The definitive merger settlement features a 30-day “go-shop” interval that may expire on October 15, 2022, which allows STORE Capital to actively solicit and contemplate different acquisition proposals.
When the deal closes, STORE Capital’s widespread inventory will now not be listed on the New York Inventory Trade.
Below the phrases of the definitive merger settlement, STORE Capital stockholders will obtain $32.25 per share in money, which represents a premium of 20.4% to STORE Capital’s closing inventory value as of September 14, 2022 and a premium of 17.8% to the 90-day quantity weighted common inventory value by means of that date.
Evercore and Goldman Sachs & Co. LLC are performing as monetary advisors to STORE Capital, and DLA Piper LLP (US) is performing as its authorized counsel. Eastdil Secured Advisors LLC and Citigroup International Markets Inc. are performing as monetary advisors to GIC and Oak Avenue. Skadden, Arps, Slate, Meagher & Flom LLP is performing as authorized counsel to GIC and Kirkland & Ellis LLP is performing as authorized counsel to Oak Avenue.
