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Unite to acquire Empiric Student Property in £723m deal
(Sharecast News) - Student accommodation firm Unite Group said on Thursday that it has agreed to acquire rival Empiric Student Property in a cash-and-share deal that will reshape Britain's student accommodation landscape. The acquisition will bring together two of the sector's most prominent players, with Unite aiming to expand its reach into the postgraduate and returner student market segments, where Empiric has a strong foothold.
The £723m transaction will see Empiric shareholders receive 0.085 new Unite shares and 32p in cash per share, valuing Empiric at a 24% premium to its six-month average.
Unite said the combined portfolio will grow to £10.5bn, with approximately 75,000 beds across key university cities, including 92% in Russell Group locations.
Unite expects the acquisition to deliver £13.7m in annual cost synergies, supporting earnings and dividend accretion. Empiric shareholders will retain a 10% stake in the enlarged group.
The transaction, which will be subject to shareholder and court approval, was expected to be completed in Q226.
As of 0820 BST, Empiric shares were down 2.46% at 91.30p, while Unite shares were up 0.068% at 732.50p.
Reporting by Iain Gilbert at Sharecast.com
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