Shares in the company were up the most since April 2020, climbing more than 20% to US$32.28 at 9.45 am in New York Thursday. That helped narrow this year’s decline to 6.2%.
Singaporean sovereign wealth fund GIC Pte. and Blue Owl Capital Inc.’s Oak Street agreed to acquire Store Capital Corp., a real estate investment trust that counts Warren Buffett’s Berkshire Hathaway Inc. as an investor, in an all-cash deal valued at about US$14 billion ($19.7 billion).
Under the terms of the deal, Store shareholders will receive US$32.25 per share in cash, a roughly 20% premium to the company’s closing price on September 14, according to a statement Thursday. The agreement includes a 30-day period in which Store can seek better offers, and is expected to close in the first quarter.
