A group of shareholders in Haslemere NV have agreed to sell 98.8% of the company´s shares to GE Real Estate for £202m cash, GE said in a statement.The shareholders include Brack Capital Real Estate BV (BCRE) and Citadel Canterbury Sarl. GE Real Estate will effect the acquisition through General Electric Capital Corporation.
Completion of the acquisition is expected to take place as soon as practicable after satisfactory fulfilment of certain conditions including clearance from the Dutch regulator the Autoriteit Financiele Markten and certain undertakings relating to the ongoing business.
The parties expect completion to occur by the end of May.
Following completion, GE Real Estate has confirmed to Haslemere that it will offer to buy the remaining shares in the company at a price equal to what it is paying BCRE and Citadel.
GE said the transaction values all of Haslemere at € 305.5 mln.
Source: Freeman / AFX