MEMPHIS—Apartment REITs MAA and Post Properties Inc. said Thursday they had completed their previously announced merger. The combined company, which will retain the MAA name and will trade under the existing ticker symbol MAA on the New York Stock Exchange, has an equity market capitalization of approximately $11 billion and a total market cap of approximately $15 billion. Both market cap figures are lower than the estimates of $12 billion and $17 billion, respectively, that were reported when the merger was announced this past August.
The completion of the all-stock merger, valued at $4 billion, occurs after three weeks after shareholders in both companies voted to approve the combination. “We are excited to officially complete the merger of MAA and Post Properties,” says H. Eric Bolton Jr., chairman and CEO of MAA. “We have successfully completed early integration activities and are off to a great start. We look forward to completing the integration work over the coming year and positioning to capture the full range of opportunities surrounding the merger.”
When the deal was first announced, Bolton commented that it would establish “the leading apartment real estate platform focused on the high-growth Sunbelt region of the country with significant competitive advantages to drive superior value for our shareholders, residents and employees.” He added that the combined company would “capture a broader market and submarket footprint, with improved rental price-point diversification that will support an enhanced level of performance over the full real estate cycle.”
The merger brings together two complementary multifamily portfolios with a combined asset base consisting of approximately 105,000 units in 317 properties, located primarily across the Southeast and Southwest. The ten largest markets by unit count for the combined company, headquartered in Memphis, are Atlanta, Dallas, Austin, Charlotte, Raleigh, Orlando, Tampa, Fort Worth, Houston and Washington, DC.
Citigroup Global Markets Inc. acted as financial advisor, and Goodwin Procter LLP and Bass, Berry & Sims acted as legal advisors to MAA. For Post, JP Morgan acted as financial advisor and King & Spalding served as legal advisor.
MEMPHIS—Apartment REITs MAA and Post Properties Inc. said Thursday they had completed their previously announced merger. The combined company, which will retain the MAA name and will trade under the existing ticker symbol MAA on the
The completion of the all-stock merger, valued at $4 billion, occurs after three weeks after shareholders in both companies voted to approve the combination. “We are excited to officially complete the merger of MAA and Post Properties,” says H. Eric Bolton Jr., chairman and CEO of MAA. “We have successfully completed early integration activities and are off to a great start. We look forward to completing the integration work over the coming year and positioning to capture the full range of opportunities surrounding the merger.”
When the deal was first announced, Bolton commented that it would establish “the leading apartment real estate platform focused on the high-growth Sunbelt region of the country with significant competitive advantages to drive superior value for our shareholders, residents and employees.” He added that the combined company would “capture a broader market and submarket footprint, with improved rental price-point diversification that will support an enhanced level of performance over the full real estate cycle.”
The merger brings together two complementary multifamily portfolios with a combined asset base consisting of approximately 105,000 units in 317 properties, located primarily across the Southeast and Southwest. The ten largest markets by unit count for the combined company, headquartered in Memphis, are Atlanta, Dallas, Austin, Charlotte, Raleigh, Orlando, Tampa, Fort Worth, Houston and Washington, DC.
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