Frasers Property to acquire Geneba

Geneba has completed the strategic alternatives process commenced in December of 2016.

Australia-based Frasers Property acquired a 86.56 percent stake for €315.9 million ($338.7 million) from Catalyst RE Coöperatief U.A., an affiliate of The Capital Group.

Geneba and Frasers have reached a conditional agreement on a recommended all-cash offer for all remaining issued and outstanding depositary receipts representing shares of Geneba, at a price per depositary receipt equal to the price received by Catalyst upon closing of the Catalyst share sale. The share offer is intended to be launched after the closing date of the Catalyst share sale.