Shurgard Storage Ctr (NYSE:SHU)
Historical Stock Chart
From Jun 2019 to Jun 2024
![Click Here for more Shurgard Storage Ctr Charts. Click Here for more Shurgard Storage Ctr Charts.](/p.php?pid=staticchart&s=NY%5ESHU&p=8&t=15)
Public Storage, Inc. (NYSE:PSA) announced today the
completion of the previously announced acquisition of Shurgard Storage
Centers, Inc. (NYSE:SHU) in a transaction with a total value of
approximately $5.5 billion. The transaction will further expand the
size of the nation's largest self-storage company with an ownership
interest in over 2,100 facilities in 38 states and seven European
nations.
All of Shurgard's shares of common stock have been converted into
the right to receive 0.82 shares of Public Storage common stock,
Public Storage assumed approximately $1.9 billion of Shurgard debt and
$136 million of Shurgard preferred stock has been redeemed. The
shareholders of Public Storage and Shurgard approved the transaction
at meetings held earlier in the day.
"We are pleased to have successfully completed the transaction
combining Public Storage and Shurgard and look forward to the rapid
integration of our two companies," said Ronald L. Havner, Jr.,
President and Chief Executive Officer of Public Storage.
Public Storage will retain its headquarters in Glendale,
California. Gary E. Pruitt, formerly an independent member of
Shurgard's Board of Directors, will join the Public Storage Board of
Directors.
Shurgard common stock will be delisted from the New York Stock
Exchange effective at the close of business today.
In connection with the transaction, Goldman Sachs served as
exclusive financial advisor to Public Storage, and Wachtell, Lipton,
Rosen & Katz and Preston Gates & Ellis LLP served as its legal
counsel. Citigroup Corporate and Investment Banking and Banc of
America Securities LLC served as financial advisors to Shurgard, and
Willkie Farr & Gallagher LLP and Perkins Coie LLP served as its legal
counsel.
About Public Storage, Inc.
Public Storage, Inc., a member of the S&P 500 and the Forbes
Global 2000, is a fully integrated, self-administered and self-managed
real estate investment trust that primarily acquires, develops, owns
and operates self-storage facilities. Public Storage's headquarters
are located in Glendale, California. Public Storage's self-storage
properties are located in 37 states. At June 30, 2006, Public Storage
had interests in 1,516 storage facilities with approximately 92
million net rentable square feet.
Additional information about Public Storage, Inc. is available on
its website, www.publicstorage.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. All statements other than
statements of historical facts included in this press release are
forward-looking statements. All forward-looking statements speak only
as the date of this press release. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that
may cause the actual results, to be materially different from any
future results expressed or implied by such forward-looking
statements. Such risks, uncertainties and other factors relate to,
among others, the possibility that the anticipated benefits from the
acquisition cannot be fully realized or may take longer to realize
than expected and the possibility that costs or difficulties related
to the integration of Shurgard operations into Public Storage will be
greater than expected. Additional information or factors which could
impact the companies and the forward-looking statements contained
herein are included in Public Storage's filings with the Securities
and Exchange Commission, including in Part II, Item 1A, "Risk
Factors," in Public Storage's Quarterly Report on Form 10-Q and 8-K.
Public Storage assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events.