Realty Income closes merger with Spirit Realty

Realty Income (O) has closed on the previously announced merger with Spirit Realty (SRC) in an all-stock transaction. The common stock of the combined company will trade under the symbol “O” on the NYSE, beginning January 23. The closing follows the satisfaction of all conditions to the closing of the merger, including receipt of approval by Spirit stockholders on January 19. Under the terms of the merger agreement, at the closing of the merger, Spirit common stockholders were entitled to receive, for each share of Spirit common stock held, 0.762 shares of Realty Income common stock. At the closing of the merger, all of Spirit’s outstanding shares of Series A Cumulative Redeemable Preferred Stock were also exchanged for shares of Realty Income Series A Cumulative Redeemable Preferred Stock, which will trade under the symbol “O PR” on the New York Stock Exchange following the closing. The final day of trading for Spirit’s common and preferred stock on the NYSE was January 22.