GE Capital Solutions to buy Trustreet Properties
GE Capital Solutions, the leasing and financing unit of General Electric Co., said it would buy restaurant real estate investment trust Trustreet Properties Inc. for $17.05 a share in cash, or about $1.15 billion.
Trustreet said the deal was worth $3 billion including debt. The purchase price is a 36% premium to Trustreet’s closing price of $12.51 on Friday.
The move will expand GE Capital Solutions’ presence in the casual dining and quick-serve businesses.
Shares of Orlando, Fla.-based Trustreet rose $4.46 to $16.97 and GE’s fell 1 cent to $35.20.