RPT - Kimco Pens $2B Merger Deal With RPT Realty Boosts Coastal And Sun Belt Markets Footprints | Benzinga
Kimco Realty Corp (NYSE: KIM) penned a merger agreement to acquire RPT Realty (NYSE: RPT) in an all-stock transaction for around $2 billion, including the assumption of debt and preferred stock.
The price represents a consideration of about $11.34 per RPT share based on Kimco's closing share price on August 25, 2023, a 19% premium to RPT's closing share price on August 25, 2023.
Per the terms, RPT shareholders will receive 0.6049 for newly issued KIM shares for each RPT share.
The acquisition will add 56 open-air shopping centers comprising a gross leasable area of 13.3 million square feet to KIM's existing portfolio of 528 properties.
Post-deal closure, Kimco expects the combined company to have ...