NEW YORK CITY—Locally-based mortgage REIT Annaly Capital Management, Inc. will acquire the Bethesda, MD-headquartered REIT, MTGE Investment Corp., in a cash-and stock transaction valued at $900 million. The deal values MTGE at $19.65 per share of MTGE common stock based on the closing price of Annaly's common stock on April 30, 2018.
MTGE shareholders will have an ability to choose cash, stock or a combination of cash and stock, subject to proration rules such that the aggregate transaction consideration will consist of approximately 50% of Annaly's common stock and approximately 50% in cash.
In addition, Annaly will assume the existing notational $55 million in MTGE 8.125% Series A cumulative redeemable preferred stock.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
