Kimco Realty, Weingarten Realty Investors To Merge - Quick Facts

(RTTNews) - Kimco Realty Corp. (KIM) and Weingarten Realty Investors (WRI) have reached a merger deal under which Weingarten will merge with and into Kimco, with Kimco continuing as the surviving public company. Each Weingarten common share will be converted into 1.408 newly issued shares of Kimco common stock plus $2.89 in cash. This represents a total consideration of approximately $30.32 per Weingarten share.

On a pro forma basis, following the closing of the transaction, Kimco shareholders are expected to own approximately 71% of the combined company's equity, and Weingarten shareholders are expected to own approximately 29%. The Kimco management team will lead the combined company. The combined company is projected to have a pro forma equity market capitalization of approximately $12.0 billion and a pro forma total enterprise value of approximately $20.5 billion. Upon closing, the deal is expected to be immediately accretive to earnings metrics.

Kimco plans to maintain its current dividend level post-closing.