W. P. Carey to merge with CPA:17 in deal valued at $6b

W.P. Carey has unanimously approved a definitive merger agreement pursuant to which Corporate Property Associates 17 – Global Incorporated (CPA:17), a publicly held nontraded REIT advised by W. P. Carey, will merge with and into a subsidiary of W. P. Carey in a stock-for-stock transaction valued at approximately $6 billion.

The transaction also has been approved by CPA:17's board of directors upon the unanimous recommendation of a special committee of CPA:17's independent directors.

The merger is currently expected to close at or around Dec. 31, 2018.