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"Aareal considering talks with buyers: Reuters Posted on Wednesday, 23 October 2019 13:53 Aareal is open to discussions with suitors regarding the possible sale of its Germany-based housing and digital services company Aareon, people close to the situation told Reuters.
The bank is not starting divestment proceedings, but is willing to discuss options, which could include offloading a majority stake in the target, the insiders noted.
According to the people in the know, a possible transaction could be worth between EUR 500.00 million and EUR 600.00 million, Reuters observed.
Aareal has hired Societe Generale and Deutsche Bank to advise on the process.
Headquartered in Mainz, Aareon claims to be the leading provider of systems and consulting services for the European real estate industry.
The target operates within the housing, commercial real estate, facility management and energy industries, among others.
Aareon has a presence worldwide, with sites in Germany, Finland, France and the UK.
The talks with potential buyers have been prompted following pressure from activist investor Teleois Capital Partners to consider a sale, the sources told Reuters.
In a letter to the investment firm picked by the news provider earlier this month, Aareal’s chief executive, Hermann Merkens, said the company was considering all the relevant options for Aareon and had no set plans for the business.
However, one of the Sources told Reuters the bank would ideally look to sell a minority stake in the target.
According to Telios, which holds a 4.5 per cent holding in Aareal, a full divestment would be a better option for investors and could value Aareon at between EUR 700.00 million and EUR 1.00 billion, the news provider reported.
Telios said it will call for an extraordinary shareholder meeting and special audit if the owner does not meet its demands for the potential sale, Reuters noted.
When contacted by the news provider, the banks and Telios declined to comment.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 811 deals targeting computer systems design services providers announced worldwide since the beginning of 2019.
Tieto, in the largest of these to date, agreed to buy Norway-based Evry for NOK 13.06 billion (EUR 1.32 billion)."
© Zephus Ltd
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