Plymouth Industrial REIT, Inc. (NYSE: PLYM) has announced it has entered into a definitive merger agreement to be acquired by entities affiliated with Makarora Management LP and Ares Alternative Credit funds in an all-cash deal valued at approximately $2.1 billion, including assumed debt. The agreement will see shareholders receive $22.00 per share, representing a 50% premium to Plymouth’s closing stock price on August 18, 2025.

The transaction, which was unanimously approved by Plymouth’s Board of Directors, will result in the company becoming privately held upon completion. The merger is expected to close in early 2026, pending shareholder approval and customary regulatory reviews.

Jeff Witherell, CEO and Co-Founder of Plymouth, said, “This all-cash transaction will deliver significant, immediate and certain value to Plymouth shareholders.”

Makarora’s Founder and CIO, Chad Pike, added, “Plymouth’s portfolio of cost-competitive industrial assets in the Midwest and East Coast is strategically located within a day’s drive of 70% of the U.S. population. These properties are well positioned to capitalize on strong industrial demand from these major population centers. Makarora is committed to providing flexible capital solutions to U.S. real estate businesses, and we are excited to partner with the Plymouth team.”

Joel Holsinger, Co-Head of Alternative Credit at Ares, said, “We are pleased to partner with Makarora to be both a flexible and scaled partner in an investment secured by a diverse portfolio of industrial properties, which is underscored by attractive market fundamentals and demonstrated asset performance.”

As part of the merger terms, Plymouth will conduct a 30-day “go-shop” period ending on November 23, 2025, allowing the company to seek alternative acquisition proposals. The Board retains the right to consider superior offers, although it cautioned that there is no assurance any will emerge.

Plymouth also confirmed that it will pay its previously announced third-quarter dividend on October 31, 2025, and maintain dividend payments necessary to preserve its real estate investment trust (REIT) status. No additional dividends will be paid during the merger process.

Following completion of the transaction, Plymouth’s shares were delisted from the NYSE and de-registered under the Securities Exchange Act of 1934, marking its transition to a private entity. The company has suspended its regular earnings release and financial commentary for the third quarter of 2025 in light of the acquisition.

KeyBanc Capital Markets Inc. and J.P. Morgan Securities LLC acted as financial advisors to Plymouth, with legal counsel from Morrison & Foerster LLP and Alston & Bird LLP. Makarora was advised by Moelis & Company LLC and Citigroup Global Markets Inc., with legal support from Greenberg Traurig LLP and Simpson Thacher & Bartlett LLP. Ares received legal counsel from Latham & Watkins LLP and Kirkland & Ellis LLP.