November 19, 2019 / 1:21 AM / 3 months ago

Germany's Aroundtown and TLG Immobilien agree on all share merger

Nov 19 (Reuters) - Germany’s TLG Immobilien said on Tuesday it will merge with Aroundtown SA in an all-share transaction.

TLG shareholders will receive 3.6 Aroundtown shares for each TLG share, the company said in a statement.

Ouram Holding S.à r.l., TLG’s largest shareholder, has committed to tender its approximately 28% stake in TLG in the deal, the company said.

The combined company will have pre-tax improvements in funds from operations of 110 million euros to 139 million euros per year within five years post-merger, the statement added. (Reporting by Juby Babu in Bengaluru Editing by Leslie Adler)

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