Cases & Deals

Morgan Stanley acquires Crescent Real Estate Equities Company for $6.5 billion with $3.2 billion acquisition loan

Clients Morgan Stanley Realty Inc.

Jones Day represented Morgan Stanley Realty Inc. in the $6.5 billion acquisition of Crescent Real Estate Equities Company, in which funds managed by Morgan Stanley Real Estate acquired Crescent in an all-cash transaction for $22.80 per share and the assumption of liabilities.

The total consideration for the acquisition included the assumption and refinancing of approximately $3.2 billion of the Company's outstanding consolidated and unconsolidated debt and redemption of the Company's outstanding Series A and Series B preferred shares, which had an aggregate liquidation preference of approximately $440 million. Pursuant to the terms of the agreement, Crescent will not pay any further dividends on the common shares.

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