Merger creates national integrated healthcare real estate company providing
full range of services to hospitals and physicians
SEPARATELY PRICES PRIVATE PLACEMENT of $55 Million
CHARLOTTE, N.C., Jan. 23 /PRNewswire-FirstCall/ -- Cogdell Spencer Inc. (NYSE: CSA) announced today that it executed a definitive merger agreement to acquire 100 percent of the stock of Marshall Erdman and Associates (Erdman), a design-build firm that specializes in the advance planning, designing, and building of healthcare facilities throughout the United States. The value of the transaction is $247 million, subject to adjustment. Erdman will operate as a subsidiary of Cogdell Spencer Inc. The transaction is expected to close by the end of February.
By integrating Erdman's platform with Cogdell Spencer's extensive portfolio management, the company will offer the full range of healthcare real estate services to an expanded client base that includes healthcare systems, physician tenants and practice groups. The combined company will operate nationwide with offices in Atlanta, Charlotte, Charleston, S.C., Columbia, S.C., Dallas, Denver, Madison, Seattle and Washington, D.C. Madison will remain the headquarters for Erdman. Charlotte will remain the corporate headquarters for Cogdell Spencer Inc.
"Our merger with Erdman will produce the most integrated healthcare real estate facilities firm in the nation," said Frank C. Spencer, President and CEO of Cogdell Spencer Inc. "With over 90 years of combined experience, we will be able to provide clients with the full range of complementary, strategic services from advance planning to capital to property management."
The merger creates a national integrated healthcare rea
|SOURCE Cogdell Spencer Inc.|
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