Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly”) has completed its acquisition of CreXus Investment Corp. (NYSE: CXS) (“CreXus”). Annaly’s commercial real estate business will be operated under the name Annaly Commercial Real Estate Group. This acquisition now makes Annaly a hybrid REIT. Annaly was formerly the poster-child for the agency only mREIT model.
Annaly acquired CreXus pursuant to an Agreement and Plan of Merger dated January 30, 2013. As a result of the merger and related transactions, the New York Stock Exchange terminated trading in CreXus shares following the close of trading on May 23, 2013. In accordance with that agreement, CreXus was merged with a newly formed CreXus subsidiary in a transaction in which Annaly became the sole stockholder of CreXus and the persons who owned CreXus common stock immediately before the merger became entitled to receive cash equal to $13.05206 for each share of CreXus common stock that they owned immediately prior to the merger.