- Bidder company announced that all conditions of the offer have been fulfilled
- CEO Jochen Klösges: “We will continue to implement our strategy with the investors’ support, realising further potential across all segments of the Group over the next years, whilst maintaining our conservative risk policy.”
Wiesbaden, 22 May 2023 – Atlantic BidCo GmbH’s (“Atlantic BidCo” or the “Bidder”) voluntary public takeover offer for Aareal Bank AG will proceed to closing: the Bidder announced today that all conditions of the offer have been fulfilled after the European Central Bank (ECB) approved the acquisition of a majority stake in the Bank. Atlantic BidCo had secured around 84 per cent of Aareal Bank shares at an offer price of €33.00 per share in the course of a voluntary public takeover offer last year. At completion, the Bidder said it will own around 90 per cent of the shares.
Atlantic BidCo is indirectly held by funds controlled, managed or advised by Advent International Corporation (“Advent”), Centerbridge Partners ("Centerbridge”) as well as CPP Investment Board Europe S.à.r.l., a wholly-owned subsidiary of Canada Pension Plan Investment Board (“CPP Investments”) and other minority shareholders.
Following the closing of the transaction, Aareal Bank Group will continue to pursue its strategic goals based on the “Aareal Next Level” strategy. The common goal of the cooperation is to further strengthen the Bank's sustained profitable growth across all three segments.
Jochen Klösges, CEO of Aareal Bank said, “Aareal Bank Group has demonstrated that its strategy is viable even under very challenging conditions. We can achieve sustained profitable growth, even in a difficult environment. This is evident not least in our strong figures posted for 2022 and the first quarter of this year. We will continue to implement our strategy with the investors’ support, realising further potential across all segments of the Group over the next years, whilst maintaining our conservative risk policy.”
Future cooperation will be based on the Investment Agreement concluded between Aareal Bank Group and the Bidder last year. In this agreement, Atlantic BidCo commits to supporting Aareal Bank AG’s strategic ambitions to strengthen its position as a leading international provider of property financings, as well as of software, digital solutions and payments services. Risk-conscious growth across all three segments will be facilitated through investments by combining extensive joint experience in the financial services, software and payments sectors, and by retaining profits.
In the current financial year Aareal Bank plans to grow its commercial real estate portfolio to between €32 billion and €33 billion and further expand its services in payments and banking for the housing industry within is Segment Banking and Digital Solutions. Aareal Bank's software subsidiary Aareon is set to continue the successful growth initiatives of recent years, fostering its position as a leading European software house for the property industry.
Information on the settlement and the transfer of the tendered shares as part of the takeover offer is available at https://www.atlantic-offer.com.
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