Macquarie Buying Spirit Finance

It pays an 11% premium.
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Spirit Finance (SFC) surged 11% early Tuesday after the real estate lessor agreed to a $1.6 billion buyout by a group led by Australia's Macquarie.

The group will pay $14.50 a share, an 11% premium to Monday's closing price, in a deal that's worth $3.5 billion including debt assumption.

Scottsdale, Ariz.-based Spirit said the group has also agreed to purchase 6,150,000 newly issued shares of Spirit Finance common stock at $12.99 per share. Spirit Finance will use the proceeds of this private placement of common stock to fund real estate-related activities in the ordinary course of its business.