Utah-based self-storage giant Extra Space Storage announced last month that it would begin the process of acquiring and merging with its rival, Life Storage, in a $12.7 billion, all-stock transaction expected to close in July.
Extra Space Storage
The proposed merger would bring together two industry-leading platforms and the combined company is expected to have a pro forma equity market capitalization of approximately $36 billion, and a total enterprise value of roughly $47 billion. After the deal is closed, Extra Space and Life Storage shareholders are expected to own approximately 65% and 35% of the combined company, respectively, Extra Space Storage said in a press release.
The combined portfolio will make up the largest storage operation in the country with over 3,500 locations, over 264 million square feet, serving over 2 million customers.
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