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VICI Properties is acquiring MGM Growth Properties for $17.2 billion, including the assumption of $5.7 billion in debt. When the deal is complete, VICI will have an estimated enterprise value of $45 billion, making it one of the largest experiential net lease REITs.

Under the terms of the agreement, MGM Growth Properties shareholders will receive 1.366 shares of newly issued VICI stock in exchange for each Class A share of MGP. The fixed exchange ratio represents an agreed upon price of $43.00 per share of MGP Class A shares based on VICI’s trailing 5-day volume weighted average price of $31.47 as of July 30, 2021 and represents a 15.9% premium to MGP’s closing stock price on August 3, 2021. 

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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