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Chambers Street Properties and Gramercy Property Trust to Merge
- Client News
- July 1, 2015
Paul, Weiss client Chambers Street Properties and Gramercy Property Trust Inc. announced that they have entered into a definitive agreement to merge, creating the largest industrial and office net lease real estate investment trust, with an expected enterprise value of approximately $5.7 billion. The board of trustees of Chambers Street and the board of directors of Gramercy have unanimously approved the merger agreement and the transaction.
Under the terms of the agreement, Gramercy shareholders will receive 3.1898 shares of Chambers Street for each share of Gramercy common stock they own. Upon closing, Chambers Street shareholders will own approximately 56 percent and Gramercy shareholders will own approximately 44 percent of the combined company. The stock-for-stock transaction is expected to be tax-free to shareholders. The merger is expected to close in the fourth quarter of 2015, and is subject to customary closing conditions, including approval of the transaction by shareholders of both companies.
The Paul, Weiss team included corporate partners Steven Williams, Toby Myerson and Eric Goodison and counsel Paul Donnelly; tax partner David Sicular; employee benefits partner Lawrence Witdorchic and counsel Erin Murphy; and environmental counsel William O'Brien.