Kimco, Weingarten Shareholders Give Final Okay to $12B Merger
(Updated with additional information)
Shareholders of Kimco Realty Corp. and Weingarten Realty Investors approved the previously announced merger of the two shopping center REITs. The deal, which closed on Tuesday, creates a company with a pro forma equity market capitalization of approximately $12 billion and a total enterprise value of approximately $20.5 billion.
Upon completion of the merger, the common stock of the combined company will trade under the symbol “KIM” on the New York Stock Exchange, and Weingarten’s common shares will be suspended from trading on the NYSE effective as of the opening of trading on August 4.
“Not only will the merged company and its shareholders enjoy a larger, higher quality, more diversified portfolio with significant embedded growth opportunities, the transaction also reduces the combined company’s leverage, creating a stronger financial profile,” Kimco CEO Conor Flynn said when the merger was announced April 15.
- ◦Sale/Acquisition