WASHINGTON (dpa-AFX) - Kimco Realty (KIM) and RPT Realty (RPT) announced a
merger agreement under which RPT will be acquired by Kimco in an all-stock deal
valued at approximately $2 billion, including the assumption of debt and
preferred stock. RPT shareholders will receive 0.6049 of a newly-issued Kimco
share for each RPT share they own, representing a total consideration of
approximately $11.34 per RPT share. At closing, Kimco stockholders and RPT
shareholders are projected to own approximately 92% and 8% of the combined
company, respectively.

Kimco said the acquisition will add 56 open-air shopping centers, including 43
wholly-owned and 13 joint venture assets, to existing portfolio of 528
properties. The company will acquire RPT's 6% stake in a 49-property net lease
joint venture. Kimco expects the transaction to be immediately accretive to key
financial and operating metrics, including initial cost savings synergies of
approximately $34 million.

Upon closing, Kimco anticipates a pro forma equity market capitalization of
approximately $13 billion and a total enterprise value of approximately $22
billion.



Copyright(c) 2023 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX