M&A · Financials · Real Estate Investment Trusts
Realty Income Corp to acquire VEREIT, Inc.
Announced Apr 29, 2021 · Closed Nov 1, 2021
Deal value$15.00BEV $16.47B
Premium17.0%To unaffected price
EV / Adj. EBITDA21.7x14.2x EV / Revenue
ConsiderationAll stock$48.36 per share
Transaction
- Acquirer
- Realty Income Corp (O)
- Target
- VEREIT, Inc.
- Buyer type
- Strategic
- Offer price per share
- $48.36
- Enterprise value
- $16.47B
- Status
- Closed Nov 1, 2021
Deal protections
- Break fee (target pays)
- $365M · 2.4%
- Reverse fee (buyer pays)
- $838M · 5.6%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Moelis, Wells Fargo
- To the target
- JPMorgan
- Moelis fee
- $19.0M
Sector context · Financials
- Comparable deals
- 26 in the prior 24 months
- Premium
- 17.0% vs. 48.0% sector median
- EV / Adj. EBITDA
- 21.7x vs. 21.5x sector median
- Break fee
- 2.4% vs. 3.7% sector median
Timeline
- AnnouncedApr 29, 2021
- Proxy filedJun 29, 2021
- Definitive proxyJun 29, 2021
- Shareholder voteAug 12, 2021
- ClosedNov 1, 2021
Valuation · fairness opinions
Discounted cash flow$40.37$52.31
Discounted cash flow$59.57$78.28
Trading comparables$62.81$71.49
Trading comparables$57.53$69.59
Trading comparables$39.50$56.95
Offer $48.36
Implied value per VEREIT, Inc. share by analysis, from Moelis.