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STORE Capital (NYSE: STOR) Soars Following Buyout by GIC and Oak Street
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STORE Capital (NYSE: STOR) Soars Following Buyout by GIC and Oak Street

Shares of STORE Capital Corp (NYSE: STOR) soared in morning trading on Thursday as the real estate investment trust (REIT) announced that GIC, a global institutional investor, and Oak Street, a Division of Blue Owl, a large net lease investor will acquire STORE Capital in an all-cash deal valued at $14 billion.

According to the terms of the agreement, STORE Capital shareholders will receive “$32.25 per share in cash, which represents a premium of 20.4% to STORE Capital’s closing stock price as of September 14, 2022, and a premium of 17.8% to the 90-day volume weighted average stock price through that date.”

Tawn Kelley, Chairman of the Board of Directors at STORE Capital commented on the deal, “This all-cash transaction delivers a meaningful premium that provides immediate and certain value for our stockholders in a challenging market environment, while positioning the Company, its customers and its partners for continued success.”

The acquisition of STORE Capital is expected to be completed in the first quarter of next year. After the completion of this transaction, STORE will go private and the company’s stock will no longer be listed on the  New York Stock Exchange.

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