The financial investors Advent and Centerbridge as well as the Canadian pension fund CPPIB can take over Aareal Bank. With the approval by the European Central Bank, all regulatory approvals have now been obtained, the takeover company Atlantic BidCo announced on Monday evening in Frankfurt.
The takeover had already begun a year ago. At that time, the financial investors had already secured a majority stake in the real estate financier. Since then, the takeover has been examined by various bodies.
With the approval, all conditions of the offer were met. The takeover offer is expected to be completed by June 7, 2023. Shareholders who have accepted the offer will receive 33 euros per tendered share. After completion of the takeover offer, the consortium led by Advent and Centerbridge will reportedly hold around 90 per cent of the share capital and voting rights of Aareal Bank.
Aareal Bank offers financing for hotels, offices and shopping centres, for example, as well as software, digital solutions and payment services. The financial investors had pledged to support the course and boost growth.