Clifford Chance Advised National Storage Affiliates in its Agreement to be Acquired by Public Storage

Clifford Chance Advised National Storage Affiliates in its Agreement to be Acquired by Public Storage

Global law firm Clifford Chance has advised National Storage Affiliates (NYSE: NSA) in its agreement to be acquired by Public Storage (NYSE: PSA), in an all-stock transaction valued at an enterprise value of approximately US$10.5 billion.

Under the terms of the agreement, holders of NSA common shares and operating partnership units will receive 0.14 of a share of PSA common stock or partnership unit for each NSA share or unit they own, representing a total consideration of US$41.68 per share based on PSA’s closing share price on March 13, 2026.

The Clifford Chance team transaction was led by Chang-Do Gong (Partner/ M&A) and Robert Chung (Partner), Andrew Epstein (Partner/ Capital Markets) and Jay Bernstein (Senior Counsel/ Capital Markets) and Jeanne Roig-Irwin (Partner/ Real Estate). They were supported by Tae Ho Cho (Counsel), Zoya Afridi (Associate), Jed Tifft (Associate) and Paul Lakkis (Associate) and Cormac O’Halloran (Law Clerk) on capital markets matters, and Marina Livingston (Associate), Ed Vaunder (Associate) and Vicki Ye (Associate) and Ariel Cohen (Foreign Lawyer) and Danielle Mimeles (Law Clerk) on M&A matters. 

The wider team included Felicia Siegel (Associate) and Tanecia Britt (Associate) on real estate; Michael Seaton (Partner) and Sharon Yu (Associate) on Reuven Falik (Partner / Tax), Meghan Fox (Counsel), David Walsh (Associate) and Emma Himes (Associate) on employment and benefits, Gary Brooks (Partner) on debt capital markets; and Brian Concklin (Partner) and Lauren Rackow (Counsel) on antitrust.

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