M&A · Financials · Real Estate Investment Trusts
Kimco Realty Corp to acquire RPT Realty
Announced Aug 28, 2023 · Closed Jan 2, 2024
Deal value$2.00BEV $2.00B
Premium19.0%To unaffected price
EV / Adj. EBITDA10.9x9.5x EV / Revenue
ConsiderationAll stock
Transaction
- Acquirer
- Kimco Realty Corp (KIM)
- Target
- RPT Realty
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $2.00B
- Status
- Closed Jan 2, 2024
Deal protections
- Break fee (target pays)
- $33.6M · 1.7%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- JPMorgan
- To the target
- Lazard
Sector context · Financials
- Comparable deals
- 62 in the prior 24 months
- Premium
- 19.0% vs. 34.5% sector median
- EV / Adj. EBITDA
- 10.9x vs. 23.7x sector median
- Break fee
- 1.7% vs. 3.0% sector median
Timeline
- AnnouncedAug 28, 2023
- Proxy filedNov 9, 2023
- Definitive proxyNov 9, 2023
- Shareholder voteDec 12, 2023
- ClosedJan 2, 2024