Covivio has signed an agreement to acquire the 8.3 percent stake in Covivio Hotels held by Generali, in exchange for new Covivio shares.
This transaction, which represents the equivalent of the acquisition of €500 million ($542 million) of assets and a capital increase of nearly €300 million ($325 million), marks a major step in the reinforcement of Covivio in the hotel sector, a growing market.
Following this contribution transaction, which is expected to be completed by the end of April, Covivio will hold 52.2 percent of the share capital of its subsidiary Covivio Hotels and will launch a mandatory public exchange offer for the remaining share of the capital.
