December 18, 2024 5:00 pm
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American Realty Capital to Buy Cole for $6.85 billion

American Realty Capital Properties Inc.By Jeffrey St.Onge & Kara Wetzel | Bloomberg

American Realty Capital Properties Inc. (ARCP) agreed to buy Cole Real Estate Investments Inc. for about $6.85 billion as it seeks to become the largest owner of U.S. single-tenant buildings.

American Realty would pay 1.0929 common shares valued at $14.59 for each Cole share or $13.82 in cash, the companies said in a statement today. The offer is 14 percent higher than Cole’s closing price yesterday. The merger has been approved by both companies’ boards, according to the statement.

The deal extends a string of acquisitions by New York-based American Realty, which earlier this year agreed to purchase CapLease Inc. (LSE) and American Realty Capital Trust IV Inc. to expand its holdings of mostly single-tenant retail, office and industrial properties. The real estate investment trust was rebuffed earlier this year in an effort to buy a predecessor company to Phoenix-based Cole.

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