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Sep 23, 2019
, Bloomberg News
(Bloomberg) -- Vonovia SE agreed to purchase a controlling stake in Hembla AB for about $1.3 billion and will offer to buy the remaining shares once the deal clears, as Germany’s biggest landlord continues expansion in Sweden.
Bochum-based Vonovia agreed with a unit of Blackstone Group Inc. to acquire 61.2% of the share capital in Stockholm-based Hembla for 215 kronor a share, according to a statement on Monday. The deal is the German company’s second in the Swedish market after its 2018 purchase of Victoria Park.
The total purchase price for all the shares in the transaction amounts to 12.2 billion kronor ($1.3 billion), a premium of 11.5% compared to the closing price for Hembla’s Class B shares on Sept. 20. The transaction is expected to receive antitrust approval by November and would trigger a mandatory public offer for the remaining Hembla shares within four weeks of the transaction becoming unconditional.
Hembla owns more than 21,000 apartments, mainly in the Stockholm area. Combined with properties from the Victoria Park acquisition, Vonovia will have over 38,000 residential units in Sweden. In Germany, the company controls close to 400,000 apartments.
To contact the reporters on this story: Chris Reiter in Berlin at creiter2@bloomberg.net;David Verbeek in Frankfurt at dverbeek1@bloomberg.net
To contact the editors responsible for this story: Chad Thomas at cthomas16@bloomberg.net, Iain Rogers
©2019 Bloomberg L.P.
