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ARC Global Trust II and Global Net Lease Stockholders Approve Merger

On Tuesday, shareholders of Global Net Lease (NYSE: GNL) and American Realty Capital Global Trust II voted and approved the proposed merger transaction that was announced in August. The company anticipates the merger will close on December 22, 2016, subject to the satisfaction of the remaining closing conditions.

Global Net Lease, a publicly traded REIT, will acquire all of the outstanding common stock of non-traded REIT American Realty Capital Global Trust II at an exchange ratio of 2.27 GNL common shares per Global II share. Global II shares were originally sold for $25.00 each.

Of the votes cast at GNL’s stockholder meeting, approximately 93 percent were in favor of the merger transaction. In a separate vote for stockholders of Global II, the acquisition target, approximately 86 percent of shares voted were in favor of the merger transaction.

“We are pleased to have received the support of our stockholders to approve the merger of GNL and Global II,” said Scott Bowman, chief executive officer and president of GNL. “This is a strategically important transaction that brings together two high quality portfolios, enhancing GNL’s position as a premier global net lease REIT.”

The two companies will merge into a single-tenant net lease REIT which will have a pro forma enterprise value of $3.3 billion and will own a combined 345 properties in 7 countries. The company will retain the Global Net Lease name, trade on the New York Stock Exchange under the ticker symbol “GNL,” and continue to be led by GNL’s current management team.

The combined company will have a 5-member board of directors, four of whom will be independent. Of these, one will be a newly appointed independent director initially designated by Global II.

Global Net Lease shares closed at $7.99 per share on Tuesday.

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