REIT Store Capital agrees to be acquired by GIC and Oak Street in all-cash deal valued at $14 billion

Store Capital Corp.
STOR,
+19.99%,
a Scottsdale, Ariz.-based real estate investment trust, said Thursday it has agreed to be acquired by Singaporean sovereign fund GIC and Oak Street in an all-cash deal valued at about $14 billion. Oak Street is a unit of Blue Owl, a net lease investor. Under the terms of the deal, Store Capital shareholders will receive $32.25 per each share owned, equal to a premium of 20.4% over the stock’s closing price on Wednesday, and a premium of 17.8% over the 90-day volume weighted average stock price through that date. The deal is expected to close in the first quarter of 2023. The agreement includes a 30-day “go-shop” period, during which Store Capital can solicit competing bids. Shares were halted premarket for the news, but are down 22% in the year to date, while the S&P 500
SPX,
-0.63%
has fallen 17%.