In Historic Kimco-Weingarten Merger, Two Shopping Center Stalwarts Combine Forces

Shopping center owner Kimco Realty said on Thursday it would buy rival Weingarten Realty Investors for about $3.87 billion, adding heft to its business just as more parts of the U.S. economy open with the rollout of Covid-19 vaccines. Kimco said in a statement it would pay Weingarten shareholders about $30.32 per share in cash and stock, a near 11% premium to the company‚Äôs closing share price on Wednesday. The deal will create a company with 559 open-air grocery-anchored shopping centers — one of the better performing parts of the commercial real estate sector during the pandemic as people rushed to stores to stock up on essential items. Click to read more at www.cnbc.com.