W. P. Carey To Buy CPA:18 In $2.7 Bln Deal, Including Assumption Of Debt

(RTTNews) - W. P. Carey Inc. (WPC), a net lease real estate investment trust, agreed to buy Corporate Property Associates 18 - Global Incorporated or "CPA:18" in a transaction valued at about $2.7 billion, including the assumption of debt, the companies said in a statement.

As per the deal, CPA:18 stockholders will be entitled to receive a fixed exchange ratio of 0.0978 of a share of W. P. Carey common stock plus $3.00 of cash for each share of CPA:18 common stock held by them, representing total consideration with an initial implied value of $10.45 per share.

Upon closing of the merger, W. P. Carey stockholders and CPA:18 stockholders will own approximately 93% and 7% of the combined company, respectively.

The transaction is currently expected to close during the third quarter of 2022.