# The merger of Amasten and Urbano creates a significantly larger listed property group with a common property portfolio comprising over 5,700 apartments with a property value of almost SEK 7 billion.
# Furthermore, the transaction creates the conditions for more efficient property management and potential for synergies within central administration and financing, which is expected to strengthen the management result per ordinary share in Amasten.
# Amasten will have an increased market presence, broaden its customer offering and improve the opportunities for future value-creating investments.
# In connection with the transaction, Amasten receives a new, strong main owner in the form of ICA-handlarnas Förbund which can support the company in its continued growth.
"The acquisition of Urbano creates a larger residential property company that enables more efficient management and strengthens the opportunities for future growth. ICA-handlarnas Förbund becomes a strong main owner, which is a recognized player at national and local level," says Jan-Erik Höjvall, Amastens CEO.
"Since 2010, we have built up a well-functioning real estate business in Urbano. Now we want to take the next step through a deal that creates a larger residential property company with increased economies of scale and good conditions for future growth. We look forward to being a long-term and important owner in Amasten and supporting the company in its continued growth journey," says Göran Blomberg, CFO at ICA-handlarnas Förbund.
The transaction in brief:
# Amasten acquires Urbano for SEK 2.8 billion on a cash and debt free basis, corresponding to a value of the shares in Urbano of SEK 978.5 million. Amasten takes over Urbano's external financing of approximately SEK 1.8 billion.
# Acquisition proceeds are paid with 190 million newly issued ordinary shares of series A in Amasten ("Remuneration Shares") at a subscription price of SEK 5.15 per share, corresponding to 95.1 percent of the volume-weighted average price paid by the Company's ordinary shares on Nasdaq First North Premier Stockholm during the next thirty trading days that preceded the announcement of the Letter of Intent.
# After the Transaction, the number of outstanding ordinary shares in Amasten will amount to 429,850,671. ICA-handlarnas Förbund will be the largest shareholder in Amasten with approximately 44.2 percent of the total number of outstanding shares and votes in the Company considering communicated transactions. ICA-handlarnas Förbrund will support the Company in its continued growth through new production and non-cash acquisitions.
# The Swedish Securities Council has in its statement 2019: 19 admitted to the ICA-Handlarnas Förbund an exemption from the mandatory obligation that would otherwise have arisen through the acquisition of the Remuneration Shares. The conditions set for the exemption are fulfilled through information prior to and decision at the Annual General Meeting in Amasten on May 16, 2019.
# Access is expected to take place on July 1, 2019.