M&A · Financials · Real Estate Investment Trusts
Extra Space Storage Inc. to acquire Life Storage, Inc.
Announced Apr 3, 2023 · Closed Jul 20, 2023
Deal value$12.40BEV $15.79B
Premium—To unaffected price
EV / Adj. EBITDA23.7x15.2x EV / Revenue
ConsiderationAll stock$145.82 per share
Transaction
- Acquirer
- Extra Space Storage Inc. (EXR)
- Target
- Life Storage, Inc. (LSI)
- Buyer type
- Strategic
- Offer price per share
- $145.82
- Enterprise value
- $15.79B
- Status
- Closed Jul 20, 2023
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- $761M · 6.1%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Citigroup, JPMorgan
- To the target
- Wells Fargo, BofA Securities
- Citigroup fee
- $18.0M
- Wells Fargo fee
- $59.0M
Sector context · Financials
- Comparable deals
- 85 in the prior 24 months
- Premium
- Sector median 29.4%
- EV / Adj. EBITDA
- 23.7x vs. 21.7x sector median
- Break fee
- Sector median 3.6%
Timeline
- AnnouncedApr 3, 2023
- Proxy filedJun 6, 2023
- Definitive proxyJun 6, 2023
- Shareholder voteJul 14, 2023
- ClosedJul 20, 2023
Valuation · fairness opinions
Discounted cash flowCitigroup$115.56$151.73
Discounted cash flowCitigroup$136.67$178.20
Trading comparablesCitigroup$102.30$126.71
Trading comparablesCitigroup$101.72$132.32
Trading comparablesCitigroup$111.70$141.53
Discounted cash flowWells Fargo$131.54$147.09
Discounted cash flowWells Fargo$154.70$176.03
Discounted cash flowWells Fargo$165.72$188.79
Discounted cash flowWells Fargo$148.32$168.97
Offer $145.82
Implied value per Life Storage, Inc. share by analysis, from Citigroup and Wells Fargo.