Eurosic entered on last 20 June into an agreement in view of a merger with Gecina. Pursuant to this agreement, Gecina will purchase 94.8% of Eurosic’s share capital (on a diluted basis), by way of acquisition in cash of 85.3% of Eurosic’s share capital and by way of exchange for 9.5% of Eurosic’s share capital under a mandatory tender offer which shall be filed by Gecina by 30 October 2017.

Eurosic’s board of directors is supporting the transaction and an agreement has been entered into with Gecina with a view to organizing the terms and conditions for their merger.

The Batipart Group, shareholder of Eurosic holding 23% of the capital, will transfer part if its Eurosic shares to Gecina and will contribute the balance in connection with the cash and exchange tender offer which shall be initiated by Gecina following the takeover of Eurosic.

This proposed merger, which shall be subject to the competent competition authority’s clearance, shall give rise to the 4th European real estate company with €19.3 billion of assets under management.

At the request of Gecina, Eurosic will transfer its equity interest in certain diversification companies not corresponding to Gecina’s strategy. The Batipart group will purchase these equity stakes for a price of €463 million.