M&A · Financials · Real Estate Investment Trusts
Rithm Capital Corp. to acquire Paramount Group, Inc.
Announced Sep 17, 2025 · Closed Dec 19, 2025
Deal value$1.60B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock$6.60 per share
Transaction
- Acquirer
- Rithm Capital Corp. (RITM)
- Target
- Paramount Group, Inc. (PGRE)
- Buyer type
- Strategic
- Offer price per share
- $6.60
- Enterprise value
- —
- Status
- Closed Dec 19, 2025
Deal protections
- Break fee (target pays)
- $59.7M · 3.7%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- Committed · BofA Securities
Advisors
- To the acquirer
- UBS, Citigroup
- To the target
- BofA Securities
- BofA Securities fee
- $34.8M
Sector context · Financials
- Comparable deals
- 56 in the prior 24 months
- Premium
- Sector median 34.0%
- EV / Adj. EBITDA
- Sector median 10.0x
- Break fee
- 3.7% vs. 3.7% sector median
Timeline
- AnnouncedSep 17, 2025
- Proxy filedOct 29, 2025
- Definitive proxyNov 10, 2025
- Shareholder voteDec 16, 2025
- ClosedDec 19, 2025
Valuation · fairness opinions
Trading comparables$4.85$9.51
Trading comparables$3.46$6.91
Discounted cash flow$3.54$7.43
Analyst price targets$4.20$8.00
Analyst price targets$3.86$7.35
Offer $6.60
Implied value per Paramount Group, Inc. share by analysis, from BofA Securities · DCF discount rate 7.4%–8%.