Global Net Lease (GNL) merger with Modiv: 1.975 exchange ratio, $2.9B post-merger debt

Filed June 24, 2026 · ~2 min read

Key Changes

• high

  GNL will acquire Modiv in an all-stock merger with a fixed 1.975 exchange ratio (GNL shares per Modiv share), exposing Modiv stockholders to GNL stock price movements. Recent trading implies a Modiv share value range of $17.83 to $18.88 with no price protection.

  Risk Factors verify on EDGAR →
• high

  Post-merger, GNL's consolidated debt will increase from $2.6 billion to approximately $2.9 billion, including assumed Modiv debt and $42 million cash for Modiv preferred stock. This higher leverage heightens financial risk and may limit operational flexibility.

  Risk Factors verify on EDGAR →
• high

  Modiv faces termination fees of $10 million (if its board changes recommendation or accepts a superior proposal) or $15 million (for material breach preventing closing). These fees could discourage competing bids.

  Risk Factors verify on EDGAR →