Aroundtown and TLG Immobilien agree merger

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Shares in Germany’s TLG Immobilien rose 1.9% in early trading on 19 November after the firm said it would merge with Aroundtown in an all-share deal to create a commercial real estate company with €25bn (US$27.7bn) in assets.

TLG shareholders will receive 3.6 Aroundtown shares, which amounts to a €27.66 offer price per TLG share or a 3.2% premium based on last closing prices.

Ouram Holding, TLG’s largest shareholder, has committed to tender its 28% stake in TLG in the deal.

The combined company will have assets mainly in Berlin, Frankfurt, Dresden, Leipzig, Hamburg, and aims to achieve operational and financial annual synergies equivalent to a pre-tax increase in funds from operations of €110m to €139m within five years post-merger.

Aroundtown shares fell 0.2% in early trading.

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