WP Carey Says CPA:18 Shareholders Endorse Proposed Merger

(RTTNews) - W. P. Carey Inc. (WPC), a real estate investment trust, said on Wednesday that its proposed merger with Corporate Property Associates 18 -Global Incorporated or CPA: 18, has been approved by the stockholders of CPA: 18.

The proposed transaction is now expected to be closed on August 1.

Earlier this year, the WPC had agreed for this merger transaction valued at about $2.7 billion, including the assumption of debt. 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 around 93 percent and 7 percent of the combined company, respectively.