Global Net Lease to Acquire Modiv Industrial in a $535 Million Stock Deal

Global Net Lease, Inc. (GNL) entered a merger agreement on May 4, 2026, to acquire Modiv Industrial, Inc. (MDV) in a deal valued at $535 million.

Deal Structure:

Holders of Modiv common stock and operating partnership units will receive 1.975 newly-issued shares of GNL common stock or OP units for each share of Modiv common stock or OP unit they hold at the closing of the transaction, representing a total consideration of approximately $18.82 per Modiv share, which is at a 16.97% premium from the stock’s last close.

Company Profile:

Modiv is an internally managed REIT that invests in single-tenant, net-lease industrial manufacturing properties. It acquires and owns facilities leased on a long-term basis to industrial tenants.

Global Net Lease is a REIT that owns and manages a portfolio of income-producing net lease commercial properties across the U.S. and parts of Europe. It focuses on single-tenant assets, including sale-leaseback transactions.

Deal Details and Timeline:

In January, Aaron Halfacre, CEO of Modiv, stated that the company is open to potential acquisition offers. The stock was trading at $14.67 when he said that management intends to close the company’s value gap through internal portfolio transformation over the next 18 to 24 months.

Existing GNL stockholders are expected to own about 89% of the combined company, while Modiv stockholders are expected to hold roughly 11%.

The merger is expected to close in the third quarter of 2026.

Truist Securities acted as the financial advisor to Modiv Industrial, while Morrison & Foerster and Venable served as its legal advisors. For Global Net Lease, BMO Capital Markets provided financial advice, and Paul, Weiss, Rifkind, Wharton & Garrison, along with Greenberg Traurig, handled legal matters.

Global Net Lease is acquiring Modiv Industrial at 12.79 times the adjusted funds from operations.

Deal Metrics:

For a more in-depth analysis of this M&A transaction, please refer to our Deal Metrics page here:

Deal Metrics for the acquisition of Modiv Industrial, Inc. (MDV) by Global Net Lease, Inc. (GNL)

This page provides information, including:

– A spread history chart of the merger from announcement to completion or failure.
– A timeline of events as the merger progresses, including HSR period expiration, regulatory approvals, shareholder votes, and more.
– News and SEC filings.
– A history of deal updates.
– And much more.

Disclaimer: Please conduct your own due diligence prior to buying or selling any securities mentioned in this article. We cannot guarantee the completeness or accuracy of the content or data provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article