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Indianapolis-Duke Realty Investments Inc. here is buying Atlanta-based Weeks Corporation for $1.7 billion. The transaction will create the Duke-Weeks Realty Corp., a real estate investment trust with a market capitalization of $5.2 billion and ownership of more than 90 million square feet of office and industrial space throughout 13 key markets in the Midwest and Sunbelt.
Under the terms of the merger agreement, which was already approved by both REITs' boards of directors but remains subject to both companies' shareholders, each of Weeks' common shares will be exchanged for 1.38 shares of Duke's common stock, which based on recent closing prices equals an acquisition price of $1.7 billion.
Following closing, which is expected during the second quarter of this year, Thomas...