Goodwin Procter LLP provided legal counsel to Summit Properties Inc. in its definitive merger agreement with Camden Property Trust to which Summit will be merged with and into a wholly owned subsidiary of Camden. The total transaction value, including the assumption of Summit debt, is approximately $1.9 billion. The acquisition by Camden occurred through a cash/stock election merger and a concurrent offer of case or DownREIT units to the limited partners of Summit Properties Partnership, L.P. The merger creates the fifth largest multifamily public company in the U.S. with a $5.7 billion total market capitalization and a $2.9 billion equity market cap.
Press Release October 04, 2004