M&A · Financials · Real Estate Investment Trusts
Kimco Realty Corp to acquire Weingarten Realty Investors
Announced Apr 15, 2021 · Closed Aug 4, 2021
Deal value$3.87BEV $5.68B
Premium—To unaffected price
EV / Adj. EBITDA21.5x13.1x EV / Revenue
ConsiderationCash and stock$30.32 per share
Transaction
- Acquirer
- Kimco Realty Corp (KIM)
- Target
- Weingarten Realty Investors (WRI)
- Buyer type
- Strategic
- Offer price per share
- $30.32
- Enterprise value
- $5.68B
- Status
- Closed Aug 4, 2021
Deal protections
- Break fee (target pays)
- $115M · 3.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Barclays, Lazard
- To the target
- JPMorgan
- Lazard fee
- $6.0M
Sector context · Financials
- Comparable deals
- 18 in the prior 24 months
- Premium
- Sector median 45.7%
- EV / Adj. EBITDA
- —
- Break fee
- 3.0% vs. 3.7% sector median
Timeline
- AnnouncedApr 15, 2021
- Proxy filedJun 25, 2021
- Definitive proxyJun 25, 2021
- Shareholder voteAug 3, 2021
- ClosedAug 4, 2021
Valuation · fairness opinions
Trading comparablesBarclays$17.60$22.70
Trading comparablesBarclays$17.40$21.10
Trading comparablesBarclays$24.20$31.10
Trading comparablesBarclays$25.20$30.10
Precedent transactionsBarclays$26.00$32.90
Trading comparablesLazard$16.37$21.93
Trading comparablesLazard$17.64$22.68
Trading comparablesLazard$18.50$22.61
Trading comparablesLazard$24.08$31.63
Trading comparablesLazard$24.22$31.14
Offer $30.32
Implied value per Weingarten Realty Investors share by analysis, from Barclays and Lazard.