Parkway Properties, Thomas Properties in $1.2B merger

Parkway Properties (PKY) agrees to a merger with Thomas Properties Group (TPGI) in stock-for-stock transaction valued at ~$1.2B.

TPGI shareholders will receive 0.3822 shares of newly issued PKY common stock in exchange for each TPGI share, for an implied price of $6.26/share.

PKY will assume TPGI's ownership interest in two office properties in Houston and five office properties in Austin, Tex.; PKY also may take ownership of three assets in Northern Virginia.

PKY agrees to sell TPGI's ownership interest in two office properties located in Philadelphia to Brandywine Realty (BDN) for $332M.

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