W. P. Carey To Buy CPA:16 - Global For Nearly $4.0 Bln - Quick Facts

(RTTNews) - Corporate Property Associates 16 - Global Inc. has inked a definitive merger agreement, under which real estate investment firm W. P. Carey Inc. (WPC), its advisor, would buy CPA:16 - Global in a transaction valued at around $4.0 billion. The transaction was approved by CPA:16 - Global's board upon the unanimous recommendation and approval of a Special Committee consisting of CPA:16 - Global's independent directors. The merger is subject to approval by the stockholders of both W. P. Carey and CPA:16 - Global.

Upon the completion of the merger, W. P. Carey is likely to have an equity market capitalization of some $6.5 billion and a total enterprise value of about $10.1 billion. The combined portfolio would include over 700 properties with 86 million square feet of corporate real estate leased to 231 companies worldwide. W. P. Carey would continue to manage the Corporate Property Associates and Carey Watermark Investors series of publicly-held, non-traded REITs.

Global shareholders would receive W. P. Carey shares for their shares of CPA:16 - Global stock pursuant to an exchange ratio based on a value of $11.25 per share of CPA:16 - Global and the volume weighted average trading price of W. P. Carey stock for the five consecutive trading days ending on the third trading day preceding the closing of the transaction.