Chester Plans Superseded?
12th Nov 2019
The UK Competition and Markets Authority (CMA) has unconditionally approved Unite's acquisition of Liberty Living for £1.4 billion.
Following the CMA's approval, the acquisition is expected to complete at the end of November, subject to satisfaction of the remaining conditions. Subject to completion, around 72.6 million consideration shares will be issued to CPPIB Holdco by Unite in connection with the acquisition, representing 20% of Unite's enlarged share capital.
Upon completion, CPPIB Holdco will have the right to appoint one non-executive director to the board of directors of Unite.
Unite Group remains confident of delivering the previously outline cost synergies of £4 million in 2020 and £15 million p.a from 2021.
Commenting on the announcement, Richard Smith, Chief Executive of Unite Students, said: "We are delighted that our acquisition of Liberty Living has been approved by the CMA. This is a transformative acquisition which brings together the best of two companies with a wealth of expertise and experience in delivering for students and university partners. The enlarged group will be well positioned to meet the growing need for affordable, high quality student accommodation in university towns and cities where demand is strong."
"This, combined with our best-in-class operating platform, will mean more choice for universities and an enhanced service and welfare offer for students."
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