Colonial shares have closed at €9.55 (+1.43%%) following the completion of their merger with Axiare. The successful completion of this merger has created one of the main property groups in the European market, with a portfolio worth 11.1 billion euros.
Inmobiliaria Colonial announced on the 10th of April that the boards of Colonial and Axiare had approved common draft of terms of merger between Colonial as the absorbing company and Axiare as the absorbed company. The merger is the culmination of the takeover bid Colonial launched on Axiare on February the 2nd when it acquired 86.8% of Axiare’s capital.
Colonial stated that it wants “to respond to the current challenges in the property sector by strengthening its competitive position and extending its business in Spain and making it more efficient.” It said the operation will bring “significant synergies and a reduction in operating costs.”
Cuatrecasas advised Axiare Patrimonio on this transaction through a team from the Corporate and Commercial Practice made up of partners Miguel Trías and Gerard Correig, and associate Guido S. Adlaoui.