Why QTS Realty Trust Is Trading Higher Today

QTS Realty Trust Inc QTS is trading significantly higher Monday morning after the company announced it will be acquired by Blackstone Group Inc BX.

What Happened: QTS Realty Trust and Blackstone entered into a definitive agreement in which Blackstone will acquire all outstanding shares of QTS Realty Trust for $78 per share. 

The all-cash transaction is valued at approximately $10 billion and expected to close in the second half of 2021.

"We see a significant market opportunity for growth as hyperscale customers and enterprises continue to leverage our world-class infrastructure to support their digital transformation initiatives. We are confident this transaction is the right step to achieve our strategic objectives in our next phase of growth," said Chad Williams, chairman and CEO of QTS Realty Trust.

Price Action: QTS Realty Trust is setting a new 52-week high in premarket trading today. 

At last check Monday, the stock was up 21.50% at $78.35.