Sun Communities to buy Carefree Communities for about $1.68 billion

March 22, 2016 8:58 PM

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Real estate investment trust Sun Communities Inc (SUI.N) said it would buy privately held Carefree Communities Inc for about $1.68 billion from an affiliate of private equity firm Centerbridge Capital Partners II LP.

Sun Communities said it would assume debt of about $1 billion upon closing and will issue $225 million in shares at $67.57 per share. The rest of the purchase price will be paid in cash.

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