Healthpeak Properties and Physicians Realty Trust have agreed to combine in an all-stock deal to create a $21 billion healthcare properties operator that would manage clinics, hospitals and surgery centers.
The deal values Physicians at about $2.64 billion, based on 238.45 million shares outstanding, according to Reuters calculations.
Each share of Physicians will be converted into 0.674 of a newly issued Healthpeak share, leaving Healthpeak shareholders with about 77% of the combined firm, the companies said on Monday.
Healthpeak expects to assume some of the existing debt of Physicians, which had total debt of about $2 billion as of June 30.
The new entity will own 52 million square feet worth of healthcare properties across the United States, including laboratories and outpatient medical delivery centers. As of Dec. 31, Physicians owned about 277 total properties while Healthpeak had about 450.
Current Healthpeak CEO Scott Brinker and CFO Peter Scott will take up those respective roles at the new company and the board will include eight existing Healthpeak directors and five Physicians Realty directors.
The new company will operate under the Healthpeak Properties name and trade under the ticker symbol "DOC" on the New York Stock Exchange, with the tax-free deal expected to close in the first half of 2024.
It will have a focused presence in the cities of Dallas and Houston in Texas, Nashville in Tennessee, Phoenix in Arizona, and Denver in Colorado.
BofA Securities and KeyBanc Capital Markets served as lead financial advisors to Physicians, while Barclays and Morgan Stanley & Co. LLC served as lead financial advisors to Healthpeak.
Elsewhere, Realty Income agreed to buyout Spirit Realty Capital in an all-stock deal valued at $9.3 billion as it looks to expand its real estate portfolio.
https://finance.yahoo.com/news/1-healthpeak-physicians-realty-merge-111733746.html
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