Powered by

Essex, BRE ink $4.3B merger

Dec 19, 2013 - The Deal Pipeline

Essex Property Trust Inc. said Thursday it would buy BRE Properties Inc. in a $4.3 billion deal that would create a West Coast apartment giant.

Terms of the deal call for Palo Alto, Calif.-based Essex to pay 0.2971 of its shares and $12.33 in cash for each share of BRE for total consideration of $56.21 per share, based on Wednesday's closing price. The terms are the same as what was discussed on Dec. 9 when the two sides first disclosed talks.

BRE, of San Francisco, owns 75 multifami...