M&A · Financials · Real Estate Investment Trusts
Makarora to acquire Plymouth Industrial REIT, Inc.
Announced Oct 24, 2025 · Closed Jan 27, 2026
Deal value$2.10BEV $2.10B
Premium50.0%To unaffected price
EV / Adj. EBITDA—10.9x EV / Revenue
ConsiderationAll cash$22.00 per share
Transaction
- Acquirer
- Makarora
- Target
- Plymouth Industrial REIT, Inc. (PLYM)
- Buyer type
- Strategic
- Offer price per share
- $22.00
- Enterprise value
- $2.10B
- Status
- Closed Jan 27, 2026
Deal protections
- Break fee (target pays)
- $40.1M · 1.9%
- Reverse fee (buyer pays)
- $70.2M · 3.3%
- Go-shop
- No-shop
- Financing
- Committed · Citigroup
Advisors
- To the acquirer
- Moelis, Citigroup
- To the target
- KeyBanc Capital Markets, JPMorgan
- JPMorgan fee
- $8.0M
Sector context · Financials
- Comparable deals
- 58 in the prior 24 months
- Premium
- 50.0% vs. 33.0% sector median
- EV / Adj. EBITDA
- Sector median 13.1x
- Break fee
- 1.9% vs. 3.7% sector median
Timeline
- AnnouncedOct 24, 2025
- Proxy filedDec 8, 2025
- Definitive proxyDec 18, 2025
- Shareholder voteJan 22, 2026
- ClosedJan 27, 2026
Valuation · fairness opinions
Discounted cash flowKeyBanc Capital Markets$21.56$25.73
Future share priceKeyBanc Capital Markets$12.13$22.70
Trading comparablesKeyBanc Capital Markets$22.36$25.46
Trading comparablesKeyBanc Capital Markets$19.92$22.97
Premiums paidKeyBanc Capital Markets$17.57$19.03
Trading comparablesJPMorgan$14.00$28.00
Trading comparablesJPMorgan$14.50$28.00
Discounted cash flowJPMorgan$21.00$30.50
Offer $22.00
Implied value per Plymouth Industrial REIT, Inc. share by analysis, from KeyBanc Capital Markets and JPMorgan · DCF discount rate 9.6%–10.6%.