Aareal Bank and Advent International have entered into an agreement with TPG and CDPQ for them to acquire Aareon, a European provider of software-as-a-service (SaaS) solutions for the property industry.
The financial terms of the sale are based on an enterprise value for Aareon of approximately €3.9 billion ($4.2 billion), valuing Aareal Bank’s equity stake in Aareon at approximately €2.1 billion ($2.3 billion). Closing is expected to take place in the second half of 2024.
TPG will invest in Aareon through TPG Capital, the firm’s U.S. and European private equity platform, in consortium with CDPQ, who will co-invest alongside TPG for a minority interest in Aareon.
