Class A multifamily REIT Veris Residential, Inc. (VRE) announced Monday that it has entered into a definitive merger agreement to be acquired by an investor consortium led by Affinius Capital in partnership with Vista Hill Partners, in an all-cash transaction for $19.00 per share of Veris common stock, representing an implied enterprise value of $3.4 billion.
The transaction price reflects a 23.2% premium to Veris' unaffected closing share price on February 4, 2026.
This transaction is the culmination of Veris' strategic transformation and a comprehensive review of strategic alternatives conducted by the Company and assisted by financial advisors J.P. Morgan and Morgan Stanley & Co. LLC.
The transaction has been unanimously approved by Veris' Board of Directors and is expected to close in the second quarter of 2026, subject to approval by Veris' shareholders and other customary closing conditions.
The transaction will be funded by a combination of equity investments and debt, including a $2.08 billion committed senior secured bridge loan facility.
The company expects to distribute its regular quarterly cash dividend on its common stock for the first quarter of 2026 but has agreed to suspend any dividends thereafter.
Following the closing of the Transaction, Veris' common stock will no longer be listed on the NYSE.
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