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The unitholders of Summit, which also manages industrial properties across Canada, will get C$23.50 per unit in cash, representing a 31.1% premium to its last close on Friday.
Including debt, the deal is valued at C$5.9 billion, the companies said.
The deal value, excluding debt, is based on Summit’s 189.85 million outstanding units as of June 30.
($1 = 1.3523 Canadian dollars)
