Public Storage to acquire National Storage Affiliates in all-stock deal

A man tapes up a moving box in a stock image.

Self-storage facilities operator Public Storage said on Monday it had agreed to acquire National Storage Affiliates in an all-stock transaction valued at an enterprise value of approximately US$10.5 billion.

Shareholders of National Storage Affiliates will receive 0.14 shares of Public Storage common stock for each share they own, valuing the deal at about $41.68 per share.

Shares of National Storage were up 21 per cent in premarket trading, while Public Storage fell 1.6 per cent.

National Storage Affiliates owns a portfolio of more than 1,000 self-storage properties, offering about 69 million rentable square feet across roughly 550,000 units in 37 U.S. states and Puerto Rico.

(Reporting by Abhinav Parmar in Bengaluru; Editing by Mrigank Dhaniwala and Maju Samuel)