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Blackstone affiliates' stake in Sponda reaches 98.80%

Polar Bidco Sarl, an entity owned by funds advised by affiliates of Blackstone Group LP, said in a release that it now owns approximately 98.80% of Sponda Plc's shares.

The company launched its €1.76 billion offer for Sponda in June.

Holders who validly tendered shares during the subsequent offer period from July 21 to Aug. 4 will be paid the offer price on or about Aug. 11.

Polar Bidco has started mandatory redemption proceedings for the remaining Sponda shares after its ownership surpassed 90% of the target company's shares and voting rights, according to a release.

In addition, Polar Bidco said it may purchase Sponda shares in public trading on Nasdaq Helsinki Ltd. or otherwise at a price not exceeding the €5.07-per-share offer price.