SmartStop Self Storage Inc on Tuesday said its stockholders approved the acquisition of the company by Extra Space Storage Inc (EXR) at a special meeting of stockholders.
Subject to the satisfaction or waiver of all closing conditions related to the transaction, SmartStop expects the transaction to close on October 1.
In June, SmartStop agreed to be bought by Extra Space Storage for $1.4 billion.
Under the deal, SmartStop shareholders will receive $13.75 per share in cash. Extra Space will pay $1.29 billion, and the remaining $120 million will come from the sale of certain assets by SmartStop at or prior to the closing.
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