Texas firm to buy Resource America for $207M
Resource America Inc., a Philadelphia real estate investment and finance firm, has agreed to be acquired by C-III Capital Partners LLC of Texas, according a statement posted Monday on both companies' websites. Under the agreement, Resource America stockholders will receive $9.78 per share in cash, a total of about $207 million.
Resource America Inc., a Philadelphia real estate investment and finance firm, has agreed to be acquired by C-III Capital Partners LLC of Texas, according a statement posted Monday on both companies' websites. Under the agreement, Resource America stockholders will receive $9.78 per share in cash, a total of about $207 million.
The combined company will manage over $25 billion of gross assets, and will be the owner or manager of over 70,000 apartment units across the U.S., the companies said.
Resource America is among a suite of companies founded by the family of Philadelphia business stalwarts Betsy and Edward E. Cohen, which have also included Atlas Energy Group LLC and The Bancorp bank.
C-III intends to retain the leadership and staff of Resource America's asset management businesses, the companies said.
The transaction, which is subject to approval by Resource America stockholders and regulatory approvals, is expected to close by the end of this year, they said.
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