UK Competition and Markets Authority have given a go-ahead for The Unite Group's acquisition of Liberty Living for a total consideration of €1.6bn (£1.4 bn) from Liberty Living Holdings (CPPIB Holdco), a wholly-owned subsidiary of Canada Pension Plan Investment Board. The completion of the deal is expected to occur at the end of November 2019, subject to satisfaction of the remaining conditions.
Upon completion, CPPIB Holdco will have the right to appoint one non-executive director to the board of directors of Unite in connection with its 20% shareholding in the Enlarged Group. CPPIB Holdco has nominated Thomas Jackson to join the Board as a non-executive director effective from completion.
Richard Smith, Chief Executive of Unite Students, commented: "We are delighted that our acquisition of Liberty Living has been approved by the CMA. This is a transformative acquisition which brings together the best of two companies with a wealth of expertise and experience in delivering for students and university partners. The enlarged group will be well-positioned to meet the growing need for affordable, high-quality student accommodation in university towns and cities where demand is strong. This, combined with our best-in-class operating platform, will mean more choice for universities and enhanced service and welfare offer for students."