The joining is expected to be complete by the end of the fourth quarter. The combined company will have a total market cap of $1.3 billion.
The transaction, already approved by both companies' boards, will increase Pan Pacific's holdings by 83%, from 60 neighborhood shopping centers to 110. In the San Francisco and Sacramento markets, Pan Pacific will now own 33 shopping centers.
The deal, once closed, should add to Pan Pacific's earnings in 2001, the company said. It will increase its quarterly dividend to 45.5 cents per share from 42 cents per share, the company said.
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