LOS ANGELES—Publicly traded REIT Colony Financial Inc. and Colony Capital LLC are making it official, swapping their previously announced non-binding agreement to merge with a definitive one. The deal is valued at up to $657.5 million, and calls for substantially all of Colony Capital’s real estate and investment management businesses and operations to go to CLNY. Representing about $19 billion in assets under management and $13 billion of equity under management, the deal does not include Colony American Homes, the self-managed REIT in the single-family rental sector.

The combined company will be led by Colony Capital’s executive chairman, Thomas Barrack, and its CEO, Richard B. Saltzman. Both have entered into five-year employment agreements with CLNY to become effective when the merger closes, and will continue to oversee and manage the day-to-day business operations of the group. As the two companies announced last month, all of Colony Capital’s senior executives will move over to CLNY under three-year employment agreements.

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