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City Office REIT (NYSE: CIO), a Canadian company focused on the acquisition, ownership and operation of office properties in Sun Belt markets in the United States, has entered into a merger agreement valued at $1.1 billion. 

Under the terms of the agreement, MCME Carell Holdings LP and MCME Carell Holdings LLC — collectively a joint venture between South Florida-based firms Elliott Investment Management LP and Morning Calm Management LLC — will acquire all issued and outstanding shares of City Office REIT common stock for $7 per share in cash. The company’s stock price closed on Tuesday, July 23 at $5.56 per share, roughly the same as a year ago.