Extra Space Agrees $12.4 Billion All-Stock Deal for Life Storage

Extra Space Storage Inc. has agreed to buy real estate company Life Storage Inc. for $12.4 billion in an all-stock deal.

The transaction will create a company with a value of about $47 billion, including debt, according to a statement on Monday. Life Storage shareholders will receive 0.8950 of an Extra Space share for each Life Storage share they own.

Shares in Life Storage have risen by 33% this year, giving it a market value of $11.2 billion. The stock rose as much as 5% in premarket trading in New York. Bloomberg News reported in March that Extra Space was ...