Annaly Capital Secures Regulatory Approvals for MTGE Investment Deal
The cash and stock merger deal, which was announced on May 2, is expected to close on Sept. 7. 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.
NEW YORK CITY—Annaly Capital Management Inc., a locally-based mortgage REIT, reports that it has secured the necessary regulatory approvals to move forward with its pending $900-million acquisition of MTGE Investment Corp.
The cash and stock merger deal, which was announced on May 2, is expected to close on Sept. 7. 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.
On Monday, Annaly Capital once again extended its previously announced exchange offer date to purchase all of the outstanding shares of common stock of Bethesda, MD-based MTGE Investment to Sept. 7. The company announced exchange offer extensions in June and once again on July 17, which at the time extended the exchange date to Aug. 20.
Wells Fargo Securities and Sandler O’Neill + Partners, L.P. are serving as financial advisors to Annaly, and Wachtell, Lipton, Rosen & Katz serves as legal counsel to Annaly.
Founded in 2011, MTGE Investment is a hybrid mortgage real estate investment trust that invests in agency mortgage-backed securities, non-agency mortgage investments, and other real estate-related assets, including skilled nursing and senior living facilities operated by third parties. The company is externally managed and advised by MTGE Management, LLC, an affiliate of AGNC Investment Corp.