The boards of newly formed Blackstone Group LP vehicles Wren Bidco Ltd. and Canary Bidco Ltd. agreed to acquire the entire issued ordinary share capital of Taliesin Property Fund Ltd. for €51 per scheme share.
The transaction values Taliesin's entire issued ordinary share capital at roughly €260 million.
The per-scheme-share price reflects a 10% premium to the Dec. 19 closing price of €46.31 per Taliesin share and a 16% premium to the volume-weighted average price of €44.15 per share for the three-month period ended Dec. 19. The offer price has been agreed on the basis that Taliesin will not pay a final dividend for the financial year ending Dec. 31 to its shareholders.
Upon completion of the acquisition, slated for the first quarter of 2018, Taliesin's investment managers, Taliesin Management Ltd. and JJ Investment Management Ltd., will be sold to Wren Bidco and Canary Bidco for €18 million.
Wren Bidco and Canary Bidco are owned by entities advised by Blackstone affiliates.
Rothschild serves as Taliesin's financial adviser on the deal, while Lazard is financial adviser to Wren Bidco and Canary Bidco.