W.P. Carey Inc. said Monday it has agreed to merge with Corporate Property Associates 17 Global Inc. (CPA), a publicly-held but non-traded REIT, in an all-stock deal valued at about $6 billion. W.P. Carey, a net lease REIT, said it expects the deal to close in the fourth quarter. Under the terms of the deal, CPA shareholders will receive 0.160 W.P. Carey shares for each CPA share, equal to $10.72 a share, based on W.P. Carey’s closing price of $67.03 as of June 15. Once the deal is closed, W.P. Carey will have a pro forma equity market cap of about $11 billion and an enterprise value of about $17 billion. The company is expecting the deal to boost adjusted funds from operations. “This transaction simplifies our business and effectively transforms W. P. Carey into a pure-play net lease REIT with earnings derived almost entirely from higher-multiple lease revenues,” Chief Executive Jason Fox said in a statement. W.P. Carey shares were not yet active premarket, but are down 2.7% in 2018, while the S&P 500 has gained 3.9%.