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The Wall Street Journal: Public Storage makes $11 billion bid to buy smaller rival Life Storage


Public Storage has made an $11 billion unsolicited offer for its smaller rival Life Storage Inc., ramping up an effort to buy its smaller rival after an earlier bid was rejected, in a move that would create a bigger player in the self-storage industry.

Public Storage

sent a letter to Life Storage’s

management on Sunday detailing its all-stock proposal, valued at about $129 a share, according to people familiar with the matter. Life Storage shares closed Friday at $110.58.

The deal would have a so-called enterprise value, which includes net debt, of roughly $15 billion and mark the largest corporate takeover in 2023.

The deal would also help consolidate the fragmented storage market. Public Storage has said it owned roughly 9% of the self-storage square footage in the U.S. as of Dec. 31, 2021, making it the largest operator in the country. Collectively, it said the five largest self-storage owners in the U.S. owned about 19% of space, with the remaining 81% held by regional and local operators.

Under the terms of the proposed transaction, Life Storage shareholders would receive 0.4192 share of Public Storage stock for each Life Storage share or unit, the people said. That represents a 19% premium based on the 20-day trailing volume-weighted average prices of Public Storage and Life Storage as of Friday, they said.

An expanded version of this report appears on

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