A $10.5 billion deal would create a self-storage giant in the U.S.
ABC News
Self-storage company Public Storage is buying National Storage Affiliates in an all-stock deal worth about $10.5 billion
A proposed megadeal in the self-storage business would create a $57 billion company overseeing square footage, if it were combined in a single location, of a small city such as Cupertino, California, or Chapel Hill, North Carolina.
Public Storage said Monday that it will buy National Storage Affiliates in an all-stock deal worth about $10.5 billion, creating a company with 327 million square feet of storage at nearly 4,600 locations in the U.S.
Public Storage said it wants to expand its presence in areas like the Sun Belt and other regions that are likely to grow in population.
The deal, if approved, would combine the largest and the fourth-largest U.S. self-storage companies by market capitalization. Extra Space Storage and CubeSmart are the next two largest companies.
Public Storage, which has been based in Glendale, California, said this year that it is relocating to Frisco, Texas, near Dallas. National Storage is based in Greenwood Village, Colorado, a suburb of Denver.
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