Global Net Lease to Buy Necessity Retail in $950 mln All-Stock Deal

May 23 (Reuters) – Global Net Lease Inc (GNL.N), opens new tab will acquire Necessity Retail REIT Inc (RTL.O), opens new tab in an all-stock deal that would value the combined entity at about $950 million, the companies said late on Tuesday.
The shareholders of Necessity Retail REIT would receive 0.670 shares of Global Net Lease (GNL) for each Necessity share held, representing a total of $7.08 per share, the two REITs said in a joint statement.
GNL’s shares had closed at $10.56 on Tuesday.