Plymouth Industrial REIT Set to Go Private in $2.1 Billion Deal

A significant corporate transition is on the horizon for Plymouth Industrial REIT. The industrial property specialist is poised to leave the public markets, with its stock trading expected to cease as a takeover deal moves toward its final stages. This shift will fundamentally alter the investment landscape for current shareholders.

The path to privatization was formally set on October 24, 2025, with the announcement of a definitive merger agreement. A buyer consortium led by Makarora Management LP and funds managed by Ares Alternative Credit will acquire all outstanding shares for $22.00 per share in an all-cash transaction. The total enterprise value of the deal, which includes debt, is approximately $2.1 billion.

This offer price represents a substantial 50% premium over Plymouth Industrial REIT's share price before initial takeover speculation emerged in August 2025. The transaction is currently anticipated to be finalized in early 2026.

Absence of Superior Offers Confirms Valuation

A critical "go-shop" period, which concluded on November 23, 2025, failed to yield any competing bids that surpassed the consortium's offer. During this 30-day window, the company's financial advisors were permitted to actively solicit alternative proposals.

Should investors sell immediately? Or is it worth buying Plymouth Industrial Reit?

It is noteworthy that prior to the agreed deal, Sixth Street Partners had submitted a non-binding indication of interest at $24.10 per share. The accepted $22.00 bid sits roughly 9% below that earlier figure. The lack of any superior formal offers during the go-shop phase has effectively cemented the $22.00 per-share price as the final valuation.

• Acquiring Parties: Makarora Management LP and Ares Alternative Credit
• Offer per Share: $22.00 (all-cash)
• Total Enterprise Value: ~$2.1 billion
• Expected Close: Early 2026

Share Price Convergence and Delisting

Market activity indicates investors are pricing in the imminent takeover. The stock is now trading tightly around the acquisition price, demonstrating convergence. As of the close on December 10, shares were valued at $21.84. Over the preceding ten-day period, the equity declined by 3.7%, reflecting the market's adjustment toward the definitive cash offer.

Upon completion of the merger, Plymouth Industrial REIT will become a privately held company. Its common shares will be delisted from the New York Stock Exchange (NYSE) and will no longer be available for public trading. For existing shareholders, the investment's value is now essentially defined by the merger terms until the transaction is completed in early 2026.