M&A · Financials · Real Estate Investment Trusts
MCME Carrell to acquire City Office REIT, Inc.
Announced Jul 31, 2025 · Closed Jan 9, 2026
Deal value$1.10BEV $1.10B
Premium26.0%To unaffected price
EV / Adj. EBITDA—6.5x EV / Revenue
ConsiderationAll cash$7.00 per share
Transaction
- Acquirer
- MCME Carrell
- Target
- City Office REIT, Inc. (CIO)
- Buyer type
- Strategic
- Offer price per share
- $7.00
- Enterprise value
- $1.10B
- Status
- Closed Jan 9, 2026
Deal protections
- Break fee (target pays)
- $16.0M · 1.5%
- Reverse fee (buyer pays)
- $35.0M · 3.2%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Eastdil Secured
- To the target
- Raymond James
Sector context · Financials
- Comparable deals
- 59 in the prior 24 months
- Premium
- 26.0% vs. 34.0% sector median
- EV / Adj. EBITDA
- Sector median 11.7x
- Break fee
- 1.5% vs. 3.7% sector median
Timeline
- AnnouncedJul 31, 2025
- Proxy filedAug 22, 2025
- Definitive proxySep 8, 2025
- Shareholder voteOct 16, 2025
- ClosedJan 9, 2026
Valuation · fairness opinions
Discounted cash flow$3.64$7.13
Trading comparables$4.43$7.47
Trading comparables$4.50$7.20
Trading comparables$4.91$8.23
Premiums paid$5.77$7.96
Offer $7.00
Implied value per City Office REIT, Inc. share by analysis.