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BRIEF-Phillips Edison Grocery Center Reit I signs deal with Phillips Edison Limited Partnership
May 19, 2017 / 7:04 PM / 3 months ago

BRIEF-Phillips Edison Grocery Center Reit I signs deal with Phillips Edison Limited Partnership

May 19 (Reuters) - Phillips Edison Grocery Center Reit I Inc

* Phillips edison grocery center reit i to acquire real estate assets and asset management business from phillips edison limited partnership

* Phillips Edison Grocery Center Reit I Inc - deal for approximately $1 billion

* Phillips Edison Grocery Center Reit I Inc - transaction expected to be immediately accretive to earnings

* Phillips edison grocery center reit - pelp to get about 45.2 million operating partnership units in peco i's operating partnership

* Phillips Edison Grocery Center Reit I Inc - pelp to also get about $50 million cash for pelp's interests in 76 shopping centers, third party asset management business

* Phillips Edison Grocery Center Reit I Inc - outstanding debt of about$501 million is expected to be refinanced or assumed by peco i at closing under deal terms

* Phillips Edison Grocery Center Reit I Inc - management to receive no cash consideration in deal, to be subject to traditional, customary lockup provisions

* Phillips Edison Grocery Center Reit I Inc - cash portion of consideration will be used to retire certain minority interests in pelp

* Phillips Edison Grocery Center Reit I Inc - on pro forma basis, following deal closing , peco i shareholders are expected to own about 80.2 percent

* Phillips Edison Grocery Center Reit I Inc - deal was approved by independent special committee of peco i's board of directors

* Phillips Edison Grocery Center Reit I Inc - on pro forma basis, following deal closing, former pelp shareholders expected to own about 19.8% of combined co

* Phillips Edison Grocery Center Reit I Inc - peco i will not pay any internalization fees in connection with transaction

* Phillips Edison Grocery Center Reit I Inc share repurchase program is suspended for month of june and is also expected to resume in july Source text for Eikon: Further company coverage:

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