Store Capital to go private in $14B all-cash acquisition deal with GIC and Oak Street

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  • Store Capital (NYSE:STOR) revealed Thursday that it has signed a definitive deal where the real estate giants GIC and Blue Owl's Oak Street have agreed to acquire Store Capital for $14B in all-cash transaction.
  • That means Store Capital shareholders will receive $32.25 per share in cash, representing a whopping 20.4% premium on stock's last close of $26.79.
  • Resultantly, STOR shares have shot up 20% to trade at $32.20 in pre-market on Thursday.
  • Going Private: Once the transaction is completed, the shares of real estate investment firm Store Capital (STOR) will no longer be listed on the NYSE.
  • "As one of the largest dedicated U.S. net lease real estate companies in a nearly US$4 trillion-dollar market, STORE Capital is a strong addition to GIC’s diverse portfolio of U.S. real estate investments,” said Adam Gallistel, Head of Americas Real Estate, GIC. "We look forward to working closely with STORE Capital and our partners at Oak Street to grow this platform over the long term."
  • No change to be seen in the company's third quarter dividend payment.
  • The transaction, which was unanimously approved by the STORE Capital Board of Directors, is expected to close in Q1 2023.
  • Also Read (Aug. 15): Warren Buffett's Berkshire Hathaway increases stake in Ally, Activision

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