CMA Approval for Liberty Living Acquisition by UNITE
The Unite Group plc, one of the UK’s leading owners, managers and developers of student accommodation, is pleased to announce that the UK Competition and Markets Authority (the ‘CMA’) has unconditionally approved the Company’s acquisition of Liberty Living Group plc (‘Liberty Living’) for total consideration of £1.4 billion from Liberty Living Holdings Inc. (‘CPPIB Holdco’), a wholly owned subsidiary of Canada Pension Plan Investment Board (the ‘Acquisition’).
Following the CMA’s approval, completion of the Acquisition is expected to occur at the end of November 2019, subject to satisfaction of the remaining conditions. Subject to completion, approximately 72.6 million consideration shares (the ‘Consideration Shares’) will be issued to CPPIB Holdco by Unite in connection with the Acquisition representing 20% of Unite’s enlarged share capital (the ‘Enlarged Group’). Applications will be made to the Financial Conduct Authority and to the London Stock Exchange for admission of the Consideration Shares. It is expected that admission of the Consideration Shares will become effective at 8.00 a.m. on the business day following completion.
The Company will publish a prospectus in relation to the admission of the Consideration Shares (the ‘Prospectus’), which will be filed with the FCA and made available to the public in accordance with the Prospectus Regulation Rules. The Company expects to publish the Prospectus in due course …