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ORLANDO-The stockholders of locally based restaurant REIT Trustreet Properties Inc. have approved an agreement to be acquired by Scottsdale, AZ-based GE Capital Solutions, Franchise Finance. The deal is valued at approximately $3 billion, as GlobeSt.com first reported in October.

At a special meeting of stockholders, 97.23% of the shares of Trustreet common stock present and voting at the meeting voted in favor of the merger, representing 62.98% of the total number of shares of common stock that were entitled to vote at the meeting. Trustreet expects the merger to be completed on Feb. 26.

Trustreet provides triple-net lease financing to operators of national and regional restaurant chains. The company’s core net-lease portfolio has more than 2,000 properties including restaurant brands such as Applebee’s, Burger King, Jack in the Box, Pizza Hut and Wendy’s.

“Trustreet Properties increases the presence of GE Capital Solutions Franchise Finance on the East Coast, provides a broader suite of finance products and sales capabilities, and adds strong and long-term relationships in the restaurant segment,” said Richard Laxer, president and CEO, GE Capital Solutions, at the time of the merger announcement in October. “It’s a significant growth opportunity for us, and an opportunity to bring our world-class service and products to not only our new customers, but to the segment in general.”

The transaction involves the payment of $17.05 per outstanding share of Trustreet’s common stock and the assumption or refinancing of the company’s outstanding debt. GE Capital Solutions, a lender for the US and Canadian franchise markets, will add Trustreet’s restaurant 1031 trading platform to its own franchise finance business and will establish an East Coast office at the company’s Orlando headquarters.

In the transaction, holders of Trustreet’s $1.93 Series A Convertible Redeemable Preferred Stock will receive $25 per share, plus any accrued but unpaid dividends through the closing date. In addition, GE has agreed that, as soon as possible after the merger, it will liquidate the surviving corporation into a subsidiary of GE Capital Solutions. In the liquidation, each holder of a share of Trustreet’s 7.5% Series C Convertible Redeemable Preferred Stock will receive one share of 7.5% Series C Redeemable Convertible Preferred Stock of TSY-FF Acquisition Co. Inc., a wholly owned subsidiary of GE Capital Solutions.

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