M&A · Financials · Real Estate Investment Trusts
Global Net Lease, Inc. to acquire Necessity Retail REIT, Inc.
Announced May 23, 2023 · Closed Sep 12, 2023
Deal value$9.60BEV $9.60B
Premium—To unaffected price
EV / Adj. EBITDA31.3x20.6x EV / Revenue
ConsiderationAll stock$7.08 per share
Transaction
- Acquirer
- Global Net Lease, Inc. (GNL)
- Target
- Necessity Retail REIT, Inc.
- Buyer type
- Strategic
- Offer price per share
- $7.08
- Enterprise value
- $9.60B
- Status
- Closed Sep 12, 2023
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- Go-shop
- Financing
- —
Advisors
- To the acquirer
- BMO Capital Markets
- To the target
- Not disclosed
Sector context · Financials
- Comparable deals
- 77 in the prior 24 months
- Premium
- Sector median 29.7%
- EV / Adj. EBITDA
- 31.3x vs. 23.7x sector median
- Break fee
- Sector median 3.5%
Timeline
- AnnouncedMay 23, 2023
- Proxy filedJul 18, 2023
- Definitive proxyJul 18, 2023
- Shareholder voteSep 8, 2023
- ClosedSep 12, 2023
Valuation · fairness opinions
Trading comparables$11.15$18.45
Trading comparables$12.00$18.77
Trading comparables$14.12$19.52
Trading comparables$14.54$19.44
Trading comparables$9.91$10.84
Offer $7.08
Implied value per Necessity Retail REIT, Inc. share by analysis, from BMO Capital Markets.