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Finnish financial authority approves Blackstone affiliates' bid for Sponda plc

The Finnish Financial Supervisory Authority approved Polar Bidco Sarl's tender offer document for Sponda Plc.

The tender offer is set to launch June 13 and will expire July 14, unless extended.

Polar Bidco is owned by funds advised by affiliates of Blackstone Group LP, and Sponda's board recently unanimously recommended in favor of the roughly €1.76 billion deal.

The deal is subject to necessary regulatory approvals, permits and consents, including competition clearances, as well as Polar Bidco winning control of more than 90% of Sponda's issued and outstanding shares and voting rights.