Vonovia to pay €1.14B for majority stake in Hembla

Monday, 23. September 2019 08:57

German real estate giant Vonovia SE said on Monday that it would buy a 61.2% stake in residential peer Hembla AB. The equities bring 69.3% of voting rights, it added and revealed they would cost 12.23 billion Swedish kronor or €1.14 billion.

The Swedish acquisition target is currently controlled by Vega Holdco Sarl, which is owned by Blackstone Group Inc.'s funds. The transaction translates to 215 kronor per share both for the 6.14 million class A shares and the 50.72 million in class B. The premium to the last closing price is 11.5%.

Vonovia said it intends to buy the remaining part of Hembla after the purchase is closed pending regulatory clearance, by the end of November. Last year the firm based in Bochum agreed to take over Swedish property company Victoria Park.

Related Links: Vonovia SE
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