Klépierre acquires Corio for $9.7 Billion

Klépierre acquires Corio for $9.7 Billion

Klépierre acquires Corio for $9.7 Billion

Klépierre of Frence agreed to acqurie Corio in all stock deal for €7.2 Billion ($9.7 Billion).

Klépierre’s largest shareholder The Simon Property Group and BNP Paribas and the Dutch pension fund manager APG, Corio’s largest shareholder, have agreed to support the transaction, the companies said. APG also has agreed to tender without appeal its 30.6 percent stake in Corio to Klépierre.

“We believe this is a unique opportunity to drive change in the retail landscape for the benefit of our clients and our customers, our employees and our shareholders,” Laurent Morel, the Klépierre chairman, said in a statement.

Under the deal, shareholders of Corio investors would receive 1.14 shares of Klépierre for each share of Corio they hold. The deal, based on Klépierre’s closing price on Monday, would imply a price of €41.40 for each Corio share.

Klépierre advisors are BNP Paribas and Lazard and the law firms Bredin Prat; De Brauw Blackstone Westbroek; and Loyens & Loeff. Corio was advised by Goldman Sachs, Deutsche Bank and law firm Allen & Overy.

The deal is expected to be completed in the first quarter of 2015.

Mr. Stakebay says:

The combined company will own 182 shopping centers with worth about 21 billion euros in 16 countries and creating largest owner of retail shopping centers in Europe The companies, if they had been combined in 2013, would have had net income from rentals of more than €1.2 billion.

 

KLÉPIERRE

CORIO

Revenue

€ 16. 223 million (2013)

€ 379.7 million (2013)

Operating income

-11.372 million (2013)

€ 340.6 million (2013)

Profit

75.526 million (2013)

-253.9 Million (2013)

Total assets

€ 8.27 billion (2013)

€ 7.459 billion (2013)

Total Equity

€ 279.26 million (2013)

€ 3.695 billion (2013)

Employees

1385(2013)

595 (2013)

 

CEO of Corio ……………………………………………. Gerard Groener ……………….. (2012-present)…………………..€705.000 (2013)

Deputy CEO of Klepierre …………………………….. Jean-Michel Gault ………………. (2009-present)…………………. € 935 963(2013)

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