MAA and Colonial Properties Trust complete USD8.3bn merger
MAA and Colonial Properties Trust have completed the merger of the two companies, forming a combined company with equity market capitalisation of approximately USD4.9bn and a total market capitalisation of approximately USD8.3bn.
The transaction was previously approved by both companies' shareholders at their respective meetings held on 27 September 2013.
The combined company, headquartered in Memphis, Tennessee will retain the MAA name and will trade under the existing ticker symbol "MAA" on the New York Stock Exchange.
"We are excited to have the merger transaction closed and now turn our focus on fully maximising the opportunities surrounding this combination," says H Eric Bolton, Jr, MAA chief executive. "A number of integration steps have been completed and we are well underway with the remaining tasks to establish a fully united and consolidated company. We have assembled a team of professionals from both MAA and Colonial Properties Trust that are the best in the industry and who are driven to deliver superior service to our residents, grow value for our shareholders and expand opportunities for our associates. I thank them for their dedication, hard work and support. We look forward to building on the long-term successful track record of MAA."