Stockholm-listed real estate firm Castellum has successfully completed its €2.6 bn takeover bid for commercial property peer Kungsleden, securing around 96.5% of the peer’s share capital and voting rights.
The company first announced in August that it was to launch a SEK 124 per share bid for Kungsleden, with the offer reflecting a 7.5% premium on the closing price prior to the announcement. Castellum offered 70% in shares and 30% in cash.
Following the completion of the combination, the board of directors in Castellum are expected to offer Biljana Pehrsson, CEO of Kungsleden, and Ylva Sarby Westman, Deputy CEO and CFO of Kungsleden, to become CEO and deputy CEO, respectively, for the combined company.
The offer was conditional upon Castellum becoming the owner of more than 90% of the shares in Kungsleden, plus any necessary clearances from the competition authorities.
