Ingenia Communities Group of Australia has entered into an agreement to acquire Peet Limited in order to create one of Australia's largest residential construction platforms. This is reported in the Ingenia press release.
The value of the transaction is $1 billion ($2.12 per share, which is 17% higher than the closing price on August 28).
From the point of view of Ingenia management, "the transaction contributes to the achievement of key strategic goals by increasing the scale of activities and opportunities in the field of land lease to create a national real estate platform."
As part of the deal, Ingenia signed a partnership agreement with Brown-Neaves Investments, according to which the partner acquires a 49.9% stake in the Peet's Flagstone City project for $615 million in order to increase financing efficiency and strengthen the combined group's balance sheet. The Flagstone joint venture is a precondition for the deal and requires the conclusion of a binding implementation agreement.
The largest shareholder of Peet, Scorpio Nomines Pty Ltd and its partners, owning 14.5% of the shares, pledged to support the deal. The transaction is subject to regulatory approval. UBS Securities Australia and Denison Partners act as advisors to Ingenia, while Clayton Utz is an advisor to Peet.
Ingenia Communities Group is an Australian affordable housing portfolio management and development company. The headquarters is located in Sydney (Australia).
Peet Limited is an Australian real estate development company (townhouses and apartment buildings). The headquarters is located in Sydney (Australia).
Read our Telegram channel "Mergers and Acquisitions. AK&M».
Our channel at MAX is "Mergers and Acquisitions. AK&M».
