US: Blackstone buying Gramercy for US$7.6b

US institutional investment and financial services firm Blackstone Group will buy commercial real estate manager Gramercy Property Trust in a US$7.6 billion all-cash deal, the companies said on Monday, May 7.

Blackstone’s US$27.50-per-share offer represents a premium of 15.4% to Gramercy’s close on Friday at US$23.82.

The acquisition has an equity value of US$4.42 billion, according to Reuters’ calculations. Gramercy’s total liabilities, as of March 31, were US$3.14 billion.

The deal is expected to close in the second half of the year, Gramercy said.

Full Content: Market Watch

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