Public Storage Completes Shurgard Acquisition
22 August 2006 - 8:46PM
Business Wire
Public Storage, Inc. (NYSE:PSA) announced today the completion of
the previously announced acquisition of Shurgard Storage Centers,
Inc. (NYSE:SHU) in a transaction with a total value of
approximately $5.5 billion. The transaction will further expand the
size of the nation's largest self-storage company with an ownership
interest in over 2,100 facilities in 38 states and seven European
nations. All of Shurgard's shares of common stock have been
converted into the right to receive 0.82 shares of Public Storage
common stock, Public Storage assumed approximately $1.9 billion of
Shurgard debt and $136 million of Shurgard preferred stock has been
redeemed. The shareholders of Public Storage and Shurgard approved
the transaction at meetings held earlier in the day. "We are
pleased to have successfully completed the transaction combining
Public Storage and Shurgard and look forward to the rapid
integration of our two companies," said Ronald L. Havner, Jr.,
President and Chief Executive Officer of Public Storage. Public
Storage will retain its headquarters in Glendale, California. Gary
E. Pruitt, formerly an independent member of Shurgard's Board of
Directors, will join the Public Storage Board of Directors.
Shurgard common stock will be delisted from the New York Stock
Exchange effective at the close of business today. In connection
with the transaction, Goldman Sachs served as exclusive financial
advisor to Public Storage, and Wachtell, Lipton, Rosen & Katz
and Preston Gates & Ellis LLP served as its legal counsel.
Citigroup Corporate and Investment Banking and Banc of America
Securities LLC served as financial advisors to Shurgard, and
Willkie Farr & Gallagher LLP and Perkins Coie LLP served as its
legal counsel. About Public Storage, Inc. Public Storage, Inc., a
member of the S&P 500 and the Forbes Global 2000, is a fully
integrated, self-administered and self-managed real estate
investment trust that primarily acquires, develops, owns and
operates self-storage facilities. Public Storage's headquarters are
located in Glendale, California. Public Storage's self-storage
properties are located in 37 states. At June 30, 2006, Public
Storage had interests in 1,516 storage facilities with
approximately 92 million net rentable square feet. Additional
information about Public Storage, Inc. is available on its website,
www.publicstorage.com. Forward-Looking Statements This press
release contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. All statements other than
statements of historical facts included in this press release are
forward-looking statements. All forward-looking statements speak
only as the date of this press release. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results, to be materially
different from any future results expressed or implied by such
forward-looking statements. Such risks, uncertainties and other
factors relate to, among others, the possibility that the
anticipated benefits from the acquisition cannot be fully realized
or may take longer to realize than expected and the possibility
that costs or difficulties related to the integration of Shurgard
operations into Public Storage will be greater than expected.
Additional information or factors which could impact the companies
and the forward-looking statements contained herein are included in
Public Storage's filings with the Securities and Exchange
Commission, including in Part II, Item 1A, "Risk Factors," in
Public Storage's Quarterly Report on Form 10-Q and 8-K. Public
Storage assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events.
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