French diversified real estate investment trusts ANF Immobilier and Icade finalized the terms of their proposed merger and signed the deal May 16.
The deal, which was approved by the boards of both parties, sets the final parity at 3 Icade shares for 11 ANF Immobilier shares, or an exchange ratio of 0.273 Icade share per ANF Immobilier share.
Icade, which owns 90.84% of ANF Immobilier's stock, will carry out a capital increase on the deal completion date by way of consideration for the merger contribution. The plan is to increase the capital by roughly €640,568.91 in face value to €113.6 million through the creation of 420,242 new shares, representing a 0.57% dilution of Icade's capital.
The transaction will be up for approval at the extraordinary shareholder meetings of ANF Immobilier and Icade scheduled for June 28 and June 29, respectively.
The proposed merger is slated to close June 29, pending regulatory approval and other customary conditions.
Didier Kling and audit firm Finexsi are the joint merger auditors.
