Realty Income, VEREIT complete merger

Single-tenant real estate investment trusts Realty Income Corp. and VEREIT Inc. wrapped up their merger, and the combined entity commenced trading on the NYSE on Nov. 1 under the ticker O.

Under the agreement, VEREIT shareholders will receive 0.705 share of Realty Income stock for every share of VEREIT.

Realty Income intends to complete its spin-off of substantially all office properties of the merged company into Orion Office REIT Inc., a new publicly traded REIT, which will begin trading on the NYSE on Nov. 15.

A special dividend will be distributed to all Realty Income shareholders, including legacy VEREIT shareholders, Nov. 12.

As part of the transaction, VEREIT directors Priscilla Almodovar and Mary Hogan Preusse joined Realty Income's board.

Moelis & Co. LLC was lead financial adviser to Realty Income, Wells Fargo Securities was its financial adviser and Latham & Watkins LLP was its legal counsel.

J.P. Morgan Securities LLC was financial adviser and Wachtell Lipton Rosen & Katz was legal adviser to VEREIT.

The merger completion follows the satisfaction of all conditions, including receipt of approval of the transaction by Realty Income and VEREIT stockholders.