April 10 (Reuters) - Uniti Group Inc - * To acquire Southern Light * Deal for approximately $700 million in cash and equity * Expects to achieve annual run-rate cost savings related to acquisition of southern light of $10 million within 24 months after closing * Deal consideration consists of $635 million in cash and issuance of approximately 2.5 million operating partnership units * Transaction is intended to be leverage neutral on a pro forma basis following expected permanent financing * Expects to fund transaction with cash on hand, proceeds from potential debt or equity financings, borrowings under revolving credit facility * Received committed financing from CitiGroup, JPMorgan Chase Bank, N.A. and RBC Capital Markets LLC for entire cash portion of purchase price * Expects to fund transaction with cash on hand, proceeds from potential debt or equity financings and borrowings under revolving credit facility Source text for Eikon: Further company coverage:
Real estate investment trust Uniti Group has agreed to acquire privately-held Southern Light in a cash and equity deal worth $700m. The deal, which is expected to close by the end of this year, will see the company become one of Australia’s largest residential property developers. JPMorgan Chase, NA, RBC Capital Markets and Citigroup provided committed financing. The acquisition is set to close in Q3 2017.