Public Storage pursues acquisition with Ki Corporation
Deal News | Apr 06, 2025 | Wachtell, Lipton, Rosen & Katz
Public Storage and Ki Corporation have teamed up to submit a joint proposal to acquire Abacus Storage King, valuing the target at an enterprise value of A$3.0 billion. The proposed acquisition offer, announced on April 6, 2025, involves acquiring all outstanding stapled securities of Abacus Storage King not already owned by Ki Corporation or its subsidiaries at a price of A$1.47 per security. The offer is non-binding and indicative, setting a new strategic move for both the bidding entities. Legal advisory for the transaction is being handled by the firm Wachtell, Lipton, Rosen & Katz.
Sectors
- Real Estate Investment Trusts (REITs)
- Legal Advisory
Geography
- Australia – Abacus Storage King is listed on the Australian Stock Exchange and operates within Australia.
Industry
- Real Estate Investment Trusts (REITs) – Abacus Storage King operates within the REIT sector, focusing on storage facilities.
- Legal Advisory – Involvement of the law firm Wachtell, Lipton, Rosen & Katz for legal advisement in the transaction.
Financials
- A$3.0 billion – Enterprise value of Abacus Storage King in the acquisition offer by Public Storage and Ki Corporation.
- A$1.47 per stapled security – Offer price for each stapled security of Abacus Storage King not already owned by Ki Corporation.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Public Storage | Bidding Company | Company | A large publicly traded storage unit operator based in the United States. |
| Ki Corporation | Bidding Company | Company | A company involved in the joint acquisition proposal with Public Storage. |
| Abacus Storage King | Target Company | Company | An Australian-based Real Estate Investment Trust focusing on storage facilities. |
| Wachtell, Lipton, Rosen & Katz | Legal Advisor | Company | A law firm providing legal advisory services for the transaction. |