K&L Gates Aids Annaly On $872M Crexus Acquisition

Law360, New York (January 31, 2013, 2:30 PM EST) -- New York real estate investment trust Annaly Capital Management Inc. has agreed to acquire commercial mortgage debt investor Crexus Investment Corp. for roughly $872 million in cash, the companies said Thursday.

The REIT already owns roughly 12.4 percent of Crexus stock. Annaly will acquire the remaining shares — roughly 67 million — for $13 per share in cash. 

The deal values Crexus at nearly $1 billion. The stock offer is a roughly 4 percent premium to Crexus' closing price of $12.50 on the New York Stock...
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