LXP Agrees to $5.2 Billion Brookfield Takeover
Shareholders would receive $61.20 a share in cash under the proposed acquisition.
LXP Industrial Trust (LXP), the industrial real-estate owner, agreed to be acquired by Brookfield and CPP Investments in a transaction valued at about $5.2 billion, including net debt and preferred equity.
The agreement introduced a defining change for LXP after four quarters without such a transaction. The cash offer carried a 12.3% premium to the company's 30-day volume-weighted average price and a 19.8% premium to its 90-day average through July 17.
The proposed buyers would acquire a portfolio spanning approximately 53 million square feet across 108 properties in the Sunbelt and Midwest.
LXP suspended common-share dividends until the acquisition closes or the merger agreement is terminated. The decision reversed its first-quarter action, when the company declared and paid a quarterly dividend of $0.70 a share.
The company also said it would stop hosting quarterly earnings conference calls and webcasts because of the pending acquisition. LXP still plans to release its second-quarter 2026 results on July 29.
The transaction is expected to close in the fourth quarter of 2026. After closing, LXP would become privately held and its shares would cease trading on the New York Stock Exchange.