Real investment trust firm, Cole Credit Property Trust II Inc. announced today the approved merger with Spirit Realty Capital. This was pursuant to the definitive agreement dated January 22 of the same year. In a meeting held today, approximately 96% voted in favor of said merger.
With the completion of the said merger, the combined company will make one of the largest publicly traded net-lease REITs in the US. Spirit Realty Capital stockholders will get a fixed exchange ratio of 1.9048 common stock shares by the closing of the transaction. This will be for each common stock share owned by Spirit Realty Capital.
Once the merger is completed, the combined firms will retain the Spirit Realty Capital name. The company will trade on the New York Stock Exchange under SRC, its new ticker symbol. The combined companies will also own around 1900 properties in 48 states in the US. Spirit's current management team will lead the combined firms. The completion of the merger will be completed by the third quarter of this year as stated by the company's spokesperson upon satisfaction of other requirements.
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