Life Storage, which rejected an $11B takeover bid from Public Storage in February, has agreed to be acquired by Extra Space Storage for $12.4B in an all-stock transaction.
The deal creates an industry leader with an estimated $47B in assets, including more than 3,500 self-storage facilities encompassing more than 264M SF.
Life Storage shareholders will receive 0.8950 of an Extra Space share for every share they own. When the deal closes, Extra Space and Life Storage investors will own 65% and 35% of the merged company, respectively, the companies said, in a statement.
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