Global Net Lease to acquire Modiv Industrial in $535M all-stock merger

Global Net Lease (NYSE:GNL) and Modiv Industrial (NYSE:DV) have entered into a definitive merger agreement under which GNL will acquire Modiv in an all-stock transaction.

The deal values Modiv at an enterprise value of approximately $535 million and represents a significant step in GNL’s strategy to scale its industrial portfolio with high-quality, net-leased assets.

Under the terms of the agreement, Modiv stockholders will receive 1.975 shares of GNL common stock for each share of Modiv they own.

Based on GNL’s closing price on May 1, 2026, the consideration is valued at approximately $18.82 per share.

This represents a 17% premium to Modiv’s most recent closing price and a roughly 28% premium to its unaffected price prior to merger speculation.

The merger is designed to be a high-efficiency transaction for GNL.

Management expects the deal to be immediately 4% accretive to Adjusted Funds From Operations (AFFO) per share.

Furthermore, the transaction is structured to be leverage-neutral and requires no external capital to close, preserving GNL’s balance sheet strength while increasing its scale.

The acquisition adds Modiv’s concentrated portfolio of industrial and manufacturing assets to GNL’s global platform.

This integration is expected to drive operational synergies by leveraging GNL’s existing management infrastructure and lower cost of capital.

The transaction has been unanimously approved by both companies' Boards of Directors.

It is expected to close in the third quarter of 2026, subject to the approval of Modiv stockholders and other customary closing conditions.

Upon completion, the combined company will continue to trade on the New York Stock Exchange under the ticker "GNL."