W. P. Carey Inc.'s board of directors unanimously approved an agreement under which Corporate Property Associates 17 - Global Inc., the publicly held non-traded real estate investment trust that it advises, will merge with the company in a roughly $6 billion stock-for-stock transaction.

The board of the non-traded REIT also approved the deal, which is expected to close on or around Dec. 31, subject to certain conditions, including approval from the stockholders of both companies.

More to follow...