• Transaction / Assets
    58.07% of Axiare
  • Seller
  • Buyer
    Colonial (87% stake)
  • € MM

Colonial Completes Successful Takeover of Axiare

2 February 2018 – Eje Prime

Colonial has completed its colonisation of Axiare. After two months of to-ing and fro-ing, the company led by Pere Viñolas has managed to acquire 58.07% of the share capital of its rival Socimi and to secure approval from 81.5% of the shareholders to which it addressed its public takeover bid (OPA), which it launched in November. The company now controls 86.86% of Axiare.

In a statement submitted at midday on Friday to the National Securities and Exchange Commission (CNMV), which had previously accepted the positive result of the takeover, Colonial reported that its offer for 45,912,569 shares has been accepted. That figure represents a success for the Socimi, which had a minimum limit of 16,769,180 shares.

The company had offered to pay Axiare’s shareholders €18.36 per share, whereby valuing the management company, until now a competitor of its, at €1.451 billion. The takeover bid was launched for 71.21% of the shares that Colonial did not yet control (it was already the largest shareholder with a 28.79% stake), and so, in the end, the company will have to disburse €1.030 billion following the results made public on Friday.

With the signing of this operation, Colonial has created a real estate giant worth €10 billion and comes even closer to Merlin Properties, its main competitor and the king of the Spanish real estate sector.

Original story: Eje Prime

Translation: Carmel Drake