March 7, 2006

Shurgard Storage Centers, Inc. agrees to $5 billion acquisition offer made by Public Storage, Inc.

On March 7, 2006, Willkie client Shurgard Storage Centers, Inc. agreed to the $5 billion acquisition offer made by Public Storage, Inc.  Both companies are real estate investment trusts that manage self-storage facilities. This complex matter incorporated intense negotiations aimed to culminate to mutually agreeable terms. The combined company is expected to have a market capitalization of $18 billion and ownership interest in more than 2,100 self-storage facilities in 38 U.S. states and seven European nations.

The all-stock deal is currently valued at $3.2 billion, plus Public Storage's assumption of $1.8 billion of Shurgard's debt.

Willkie’s team included partners Richard Posen, Robert Stebbins, Rosalind Fahey Kruse, Tariq Mundiya, Doug Ulene, Frank Daniele and Henry Cohn.

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