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$6B CarrAmerica, Blackstone Merger Closes

WASHINGTON, DC-A majority of votes by CarrAmerica shareholders gave the thumbs up for the locally based company to be merged into an affiliate of the Blackstone Group.

By Melissa Kress | Updated on July 13, 2006

WASHINGTON, DC-The the $5.6-billion merger between CarrAmerica Realty Corp. and the New York City-based Blackstone Group closed today. CarrAmerica’s stockholders gave the green light to the deal, which was brought to the table in March, on Tuesday.

Now that the deal is done, the locally based REIT will merge with and into Nantucket Acquisition, Inc., an affiliate of Blackstone. Approximately 99.6% of the shares of CarrAmerica common stock present and voting at the special meeting earlier this week approved the deal. That figure represents approximately 71.9% of the total number of shares of CarrAmerica common stock entitled to vote at the meeting, according to the company. Under the terms of the merger, holders of CarrAmerica’s common stock will receive $44.75 in cash, without interest, for each share of common stock issued and outstanding immediately prior to the effective time of the merger.

At the time news of a possible merger was revealed in March, Thomas S. Carr, chairman and CEO, said the deal would allow the company to fulfill its mission to its stockholders and create growth opportunities, as GlobeSt.com previously reported. “With our most aggressive performance assumptions, we don’t believe we could match the value being offered to our shareholders today by this offer,” he said at the time.

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