Icade inked a binding agreement with Eurazeo for the €213 million purchase of a majority stake held by the latter in ANF Immobilier's share capital.
The deal will make Icade the holder of 50.5% of ANF's share capital and 50.2% of its voting rights, minus any double voting rights attached to the shares. The share price reflects a premium of 5.7% over the target's triple-net net asset value, as at June 30.
Icade will also submit a mandatory public tender offer for ANF's remaining share capital at an offer price of €22.15 apiece, following the execution of the stake purchase. The tender offer filing and deal completion are slated to occur in November, according to a press release by ANF. Meanwhile, Icade expects to close the acquisition by the end of October.
Icade will deploy debt financing and cash on hand to fund its buy.
Additionally, the deal for Eurazeo's majority stake is conditional upon the €400 million divestment of ANF's French legacy portfolio to Primonial REIM reaching binding status. ANF inked an exclusive negotiation agreement to off-load the properties in July. The transaction will include mixed-used assets in Marseille, France, and a retail asset in the French town of Lyon.
ANF's supervisory board mandated Finexsi to analyze the fairness of the financial terms of the portfolio sale to Primonial and to review Icade's offer.