Clarke Inc. has agreed to acquire Ravelin Properties REIT in an all-stock transaction valued at $1.1 billion, including assumed debt, marking a large-scale expansion for the firm into a broader portfolio of commercial real estate assets across North America and Europe.
Under the agreement, Clarke will acquire all outstanding Ravelin trust units as well as three classes of convertible unsecured subordinated debentures carrying coupon rates of 9.00%, 5.50%, and 7.50%.
Clarke said it expects to issue 2.5 million shares to complete the transaction. On closing, existing Clarke shareholders are expected to own 83.8% of the combined company, while Ravelin securityholders will hold 16.2%.
CFO Tom Casey said the acquisition will create a company with diversified geographic exposure and scale, which he said would provide Clarke shareholders with significant upside and liquidity.
Prior to this, Ravelin had been reviewing strategic alternatives as it grappled with financial difficulties, including defaults on existing debt and ongoing capital requirements.
The deal is expected to close in the second quarter of 2026, subject to customary closing conditions, including approvals from Ravelin unitholders and debenture-holders.
Information for this story was found via The Globe And Mail and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
