GE Capital to Buy Security Capital
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General Electric Co.’s GE Capital agreed to buy Security Capital Group Inc. for $4 billion in cash and stock to gain real estate assets including storage facilities, shopping centers and parking lots.
GE Capital said it will pay $2.9 billion in cash to Security Capital Class B shareholders and $1.1 billion of ProLogis Trust shares held by Security Capital. The transaction values Security Capital at $26 a share. Security Capital’s stock closed at $20.70, up 3 cents, before the deal was announced. GE shares closed up 60 cents at $37.65. Both trade on the NYSE.
The acquisition will give GE ownership of Storage USA Inc., a self-storage property owner that this month agreed to be acquired by Security Capital, and interests in Regency Centers Corp. and InterPark.
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