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SmartStop Self Storage Goes to Extra Space

LADERA RANCH, CA—SmartStop stockholders will receive $13.75 per share in cash which represents a total purchase price of $1.4 billion in the merger, which is expected to close during the latter half of 2015.

By Natalie Dolce | Updated on June 15, 2015

LADERA RANCH, CA—SmartStop Self Storage Inc. has entered into a definitive merger agreement under which it will be acquired by Extra Space Storage Inc. SmartStop stockholders will receive $13.75 per share in cash which represents a total purchase price of $1.4 billion.  Extra Space will pay $1.29 billion, and the remaining $120 million will come from the sale of certain assets by SmartStop at or prior to the closing.

The boards of directors of both companies have approved the merger, which is subject to approval by the holders of a majority of SmartStop’s common stock and other customary closing conditions.  SmartStop’s board of directors has recommended that its stockholders vote in favor of the merger.

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