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Brookfield, Aveo Group formalize merger agreement

Entities controlled by Brookfield Property Group LLC-managed funds agreed to take over Aveo Group for consideration representing a total value of A$2.195 per security.

The cash consideration reflects an implied equity value of A$1.3 billion and an enterprise value of A$2.0 billion. It also represents a roughly 28% premium to Aveo's A$1.71-per-security closing price as of Feb. 12, according to a news release.

The implementation of the scheme is subject to, among other things, the approval of the Aveo's security holders and Australia's Foreign Investment Review Board. Meetings to consider the proposed takeover of the Australian retirement communities operator are expected to be held in late October, with completion anticipated within 2019, if all conditions are satisfied.

Aveo noted that its board unanimously recommends the proposal, which stemmed from negotiations that have been happening since July.

Merrill Lynch Markets (Australia) Pty. Ltd. is acting as Aveo's financial adviser, and Herbert Smith Freehills is acting as the property company's legal adviser in relation to the takeover offer.