PE Deals

GIC and Oak Street to acquire REIT Store Capital in take-private deal for $14bn

The transaction is expected to close in the first quarter of 2023.

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  • According to the terms of the deal, Store Capital shareholders will receive $32.25 per share in cash
  • When the deal closes, Store Capital will no longer trade on the New York Stock Exchange
  • Evercore and Goldman Sachs & Co. LLC are acting as financial advisors to Store Capital while Eastdil Secured Advisors LLC and Citigroup Global Markets Inc. are acting as financial advisors to GIC and Oak Street

GIC and Oak Street have agreed to acquire Store Capital in a take-private deal for about $14 billion. According to the terms of the transaction, Store Capital shareholders will receive $32.25 per share in cash.

Based in Scottsdale, Arizona, Store Capital is a real estate investment trust.

Oak Street is a division of Blue Owl, a net lease investor.

Based in Singapore, GIC is a sovereign wealth fund.

“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 Kelly, chairman of of Store Capital’s board of directors. “I would like to extend my thanks to the entire Board and management team for their hard work during this process, and for their unwavering commitment to acting in the best interests of our stockholders.”

The transaction is expected to close in the first quarter of 2023.

When the deal closes, Store Capital will no longer trade on the New York Stock Exchange.

Evercore and Goldman Sachs & Co. LLC are acting as financial advisors to Store Capital, and DLA Piper LLP (US) is acting as its legal counsel. Eastdil Secured Advisors LLC and Citigroup Global Markets Inc. are acting as financial advisors to GIC and Oak Street. Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to GIC and Kirkland & Ellis LLP is acting as legal counsel to Oak Street.

Oak Street has $16.6 billion in assets under management as of June 30, 2022. Blue Owl is a global alternative asset manager with $119 billion in assets under management as of June 30, 2022.