NEW YORK–(BUSINESS WIRE)–Global Net Lease Inc. (NYSE: GNL, “GNL”) and The Necessity Retail REIT Inc. (NASDAQ: RTL, “RTL”) – together with their respective advisors and property managers and AR Global – today announced that they have entered into a cooperation agreement (the “Cooperation Agreement”) with Blackwells Capital.
Under the terms of the Cooperation Agreement, the Blackwells Parties will withdraw their nomination notices and proposals at both GNL and RTL and have agreed to vote in favor of the share issuances for the previously announced merger of GNL and RTL (“the Merger”) and internalization transactions at the GNL special meeting.
“We are pleased to have reached an agreement with Blackwells that we believe is in the best interests of the Global Net Lease and The Necessity Retail REIT shareholders,” said Michael Weil, Chief Executive Officer of RTL, and James Nelson, Chief Executive Officer of GNL. “The combination of GNL and RTL will create a leading global net lease REIT that is positioned for long-term growth and potential trading multiple expansion comparable to other net lease REITs of this size and scale. The combined entity will be internally managed, resulting in significant cost savings, and will adopt enhanced corporate governance practices that will ensure the combined company operates in the best interests of all current and future investors. We are pleased to have Blackwells’ support of the Merger and internalization transaction and look forward to working with Blackwells to create value on behalf of all shareholders.”
Jason Aintabi, Chief Investment Officer of Blackwells, said, “We are pleased to have aligned with the Boards of GNL and RTL on a constructive path forward following the significant governance and structural changes that have occurred over the course of the last year. The merger of GNL and RTL creates a new company of scale in the sector that can be singularly focused on creating value for all public shareholders. With our support for the transaction now in place, we look forward to the completion of the merger and lend Mr. Weil and the leadership team our full support, as we believe investors will see great success following the internalization and merger.”
Pursuant to the Agreement, the parties have agreed to release all claims arising prior to the settlement and dismiss their respective actions in Maryland state court and New York federal court.
The Blackwells Parties have agreed to abide by certain standstill and voting commitments in connection with the Cooperation Agreement. The agreement will be filed by the Company with the U.S. Securities and Exchange Commission (“SEC”) as an exhibit to the Current Report on Form 8-K.
( This news/press release has not been altered by investment.net, apart from the headline, and has been obtained from a syndicated source:- https://www.businesswire.com/news/home/20230605005287/en/Global-Net-Lease-The-Necessity-Retail-REIT-and-AR-Global-Enter-into-Cooperation-Agreement-with-Blackwells-Capital)