Essex Property, BRE Properties Complete $16.2 Bln Merger - Quick Facts

(RTTNews) - Essex Property Trust, Inc. (ESS) and BRE Properties, Inc. (BRE) announced the completion of the merger of the two companies, forming a combined company with equity market capitalization of about $11.1 billion and a total market capitalization of approximately $16.2 billion.

Under the terms of the agreement, each share of BRE common stock has been converted into 0.2971 newly issued shares of Essex common stock plus $7.18 in cash, without interest. The cash consideration was adjusted as a result of the authorization and declaration of a special distribution to the stockholders of BRE of $5.15 per share of BRE common stock, the company said.

Former Essex stockholders hold about 63% of the combined company's common stock, and former BRE stockholders hold approximately 37% of the combined company's common stock.