Acciona has accepted the offer made by Blackstone for the sale of its stake in Testa, which amounts to about 20%, for an approximate price of 379 million euros, equivalent to 14.32 euros per share, announced Monday company to the National Securities Market Commission (CNMV).
The operation, which is pending formalization, has the condition precedent that the US fund acquires at least 50.01% of the capital of Testa and that the takeover by Blackstone is approved by the competition authorities.
In mid-September Blackstone agreed to purchase 50.01% of the capital of Testa Residencial from Santander, BBVA and Merlín Properties, first company of apartments for rent in the country with some 10,700 homes, for an amount of 947.68 million euros.
The US fund was made with this percentage control of the socimi listed in the MAB buying part of the participation of the entity chaired by Ana Botín and all of BBVA and Merlin.
The binding offer that Blackstone launched for the 99% of Testa has been made at 14,326 euros per share, a price 3% higher than the 13.9 euros that Testa debuted in the MAB at the end of July, and which means valuing the company 1,895 million euros.
Given that Blackstone surpassed Testa's percentage of control in mid-September, the fund undertook to buy the rest of its shareholders.
Testa shares closed on Friday at a price of 14.4 euros per share, slightly above the 14.32 euros offered by the US fund in its offer.
In July 2017, Acciona reached an agreement to integrate its residential rental portfolio into Testa in order to maximize the profitability of its assets.
With its operation on Testa, Blackstone is reinforced as the first real estate owner in the country, in which it adds assets for more than 20,000 million euros, just a few months after becoming the first hotel owner when buying the portfolio of 46 establishments of the socimi Hispania through an OPA.