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Vonovia to buy majority stake in Sweden's Hembla

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Vonovia to buy majority stake in Sweden's Hembla

Vonovia SE agreed to buy a majority stake in Swedish residential company Hembla AB from funds advised by Blackstone Group Inc.

The acquisition will comprise 69.30% of the voting rights and 61.19% of the share capital in the Stockholm-based company. Vonovia will pay 215 kronor per share, regardless of share class, reflecting an 11.5% premium to the closing price for Hembla's class B shares on Nasdaq Stockholm on Sept. 20. The total deal value is roughly 12.23 billion Swedish kronor.

German real estate giant Vonovia will be required to launch a mandatory public offer to all other shareholders of Hembla in accordance with the Swedish takeover rules within a period of four weeks from clearance of the transaction by the merger control authorities, which is expected around October or November.

Hembla owns 21,411 flats primarily in Stockholm.

The deal is Vonovia's second foray into the Swedish market after the acquisition of Victoria Park AB (publ), which has 16,638 flats based in Malmö, Stockholm and Gothenburg.

As of Sept. 20, US$1 was equivalent to 9.72 Swedish kronor.