Extra Space Storage Inc. EXR said Monday it has agreed to merge with Life Storage Inc. LSI in an all-stock deal with a total enterprise value of about $47 billion. Under the terms of the deal, Salt Lake City, Utah-based Extra Space Storage will pay 0.8950 of its shares for each Life Storage share, equal to about $145.82 per share, based on the stock’s closing price on Friday. The real estate investment trust will own about 65% of the combined company, with Buffalo, New York-based Life Storage owning the remaining 35%. The deal is expected to close in the second half and to increase the size of Extra Space Storage’s portfolio by more than 50% by store count. “In total, the transaction adds over 88 million square feet to the portfolio. The combined portfolio represents the largest storage operation in the country with over 3,500 locations, over 264 million square feet and serving over two million customers,” the companies said in a joint statement.
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