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AXA to buy NorthStar Realty Europe for $17.03/share

  • NorthStar Realty Europe (NYSE:NRE) says it's agreed to a definitive merger deal with AXA Investment Managers - Real Assets (OTCQX:AXAHY) in which NRE shareholders will receive about $17.03/share.
  • That's about a 3.5% premium from today's NRE close, and about a 16.4% premium from NRE's price on Nov. 6, the day before it announced a strategic review.
  • Shareholders will get $1.68 in cash plus the USD equivalent of €9.26 and £3.82, reflecting the location of assets across the UK, France and Germany; NRE entered six-month forward contracts to buy dollars for €482M and £199M.
  • The deal's expected to close in Q4.

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