Annaly Capital Management, the largest REIT that specializes in buying mortgage debt, agreed to buy Hatteras Financial for $1.5B in a massive expansion of holdings.
The deal values Hatteras at $15.85 a share, a 24% premium to the 60-day volume weighted average price of Hatteras’ stock, Bloomberg reports.
Annaly will acquire the mortgage REIT using a combination of cash and its own shares, the companies said in a statement on Monday.
Hatteras’ stock jumped 10% following the news—its biggest climb since August 2011—a welcome reprieve from its 22% fall in the last 12 months. [Bloomberg]
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