GE Capital Solutions completes acquisition of Trustreet Properties

By Lisa Kerner

Charlotte, N.C., Feb. 26 - GE Capital Solutions, the business-to-business leasing, financing and asset management unit of General Electric, completed its acquisition of Trustreet Properties, Inc.

Trustreet's common and preferred stock will be delisted from the New York Stock Exchange.

The agreement called for Trustreet's common stockholders to receive $17.05 in cash and for holders of Trustreet's series A cumulative convertible preferred stock to receive $25.00 per share plus accrued and unpaid dividends, according to a company news release.

Holders of Trustreet's 7.5% series C redeemable convertible preferred stock will receive one share of 7.5% series C redeemable convertible preferred stock of the surviving corporation in the merger.

The company announced the proposed $3 billion transaction on Oct. 30.

Trustreet is a self-advised restaurant real estate investment trust located in Orlando, Fla.

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