Orlando-based Parkway Properties Inc. (NYSE: PKY) and Atlanta-based Cousins Properties Inc. (NYSE: CUZ) are combining in a multibillion-dollar deal, and the merger’s Houston impacts are still being realized.
The deal is expected to close in the fourth quarter, with Cousins buying Parkway for roughly $1.95 billion in stock. The newly merged company will retain the Cousins branding. Concurrent with the merger, Parkway and Cousins will shed all of their Houston assets. A publicly traded REIT spinoff will assume both companies’ Houston assets, as well as the Parkway branding.
Read more at Houston Business Journal.