GIC and Oak Street to Take Store Capital Private in a $14 Billion Deal

By Senad Karaahmetovic

Store Capital (NYSE:), a real estate investment trust headquartered in Arizona, is being taken private by GIC and funds managed by Oak Street in a deal valued at $14 billion.

The deal is based on the price of $32.35 per share, which is a premium of 20% compared to STOR’s closing price on Wednesday. The involved sides expected the deal to close in Q1 2023.

“This all-cash transaction delivers a meaningful premium that provides immediate and certain value for our stockholders in a challenging market environment, while positioning the Company, its customers and its partners for continued success,” said Tawn Kelley, Chairman of the Board of Directors of Store Capital.

The merger agreement includes a 30-day “go-shop” period that will expire on October 15, 2022.

For Vital Knowledge analysts, this deal can be seen as “a bet on the consumer given STOR’s model of buying retail properties and leasing them back to tenants.”

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