M&A · Financials · Opeators of Nonresidential Buildings
Realty Income Corp to acquire Spirit Realty Capital, Inc.
Announced Oct 30, 2023 · Closed Jan 23, 2024
Deal value$9.30BEV $9.30B
Premium15.4%To unaffected price
EV / Adj. EBITDA—12.5x EV / Revenue
ConsiderationAll stock$37.34 per share
Transaction
- Acquirer
- Realty Income Corp (O)
- Target
- Spirit Realty Capital, Inc.
- Buyer type
- Strategic
- Offer price per share
- $37.34
- Enterprise value
- $9.30B
- Status
- Closed Jan 23, 2024
Deal protections
- Break fee (target pays)
- $174M · 1.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Wells Fargo
- To the target
- JPMorgan, Morgan Stanley
- Morgan Stanley fee
- $25.0M
Sector context · Financials
- Comparable deals
- 65 in the prior 24 months
- Premium
- 15.4% vs. 34.5% sector median
- EV / Adj. EBITDA
- Sector median 22.5x
- Break fee
- 1.9% vs. 3.0% sector median
Timeline
- AnnouncedOct 30, 2023
- Proxy filedDec 19, 2023
- Definitive proxyDec 19, 2023
- Shareholder voteJan 19, 2024
- ClosedJan 23, 2024
Valuation · fairness opinions
Discounted cash flow$32.23$43.67
Discounted cash flow$47.56$69.98
Premiums paid$37.01$40.64
Analyst price targets$31.56$42.61
Offer $37.34
Implied value per Spirit Realty Capital, Inc. share by analysis, from Morgan Stanley.