A team of Duane Morris lawyers led by Richard A. Silfen and Darrick M. Mix, both of the Philadelphia office; Douglas P. Howard, of the Baltimore office, on corporate and securities aspects; and Chester P. Lee, of the New York office, on the real estate aspects, represented NASDAQ-traded real estate investment trust (REIT) American Realty Capital Properties, Inc., in a reverse merger transaction to acquire American Realty Capital Trust III, Inc., a “non-traded” REIT. The deal is structured as a cash-election merger involving the two REITs and their operating partnerships in which the cash component will not exceed 30 percent of the deal consideration. According to SEC filings, the combined company is expected to have enterprise value of $3.2 billion and market capitalization of $1.9 billion, with access to $1 billion in debt financing. After meetings of both companies’ shareholders, the deal is expected to close in the second quarter of 2013.
Key members of the team also included: with respect to corporate, securities and tax matters, Marc A. Kushner, of the New York office, Peter Byrne and Barry Steinman, both of the Philadelphia office; with respect to real estate matters, Joseph A. Mascia, of the New York office, Christopher Bender, of the Philadelphia office, and Marianne F. Adriatico, of the San Diego office; and with respect to environmental matters, Seth v.d.H. Cooley, of the Philadelphia office.
For more information, see the American Realty Capital Properties press release.
