Public Storage (PSA) to buy National storage Affiliates (NSA) in USD 10.5bln enterprise value all-stock deal
Importance
Level 1
- All-stock transaction with an exchange ratio of 0.14, representing an implied offer price of USD 41.68 per NSA share.
- Deal unanimously approved by boards, expected to close in Q3 2026.
- Combined company to have USD 57bln equity market cap and USD 77bln enterprise value.
- PSA and USA Outperform unitholders to form USD 3.3bln Joint venture with 313 properties
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