German co Vonovia has acquired Conwert in which Teddy Sagi bought a 25% stake last year.
German real estate company Vonovia SE has acquired Austrian real estate company Conwert Immobilient Invest SE for €1.7 billion. Israeli businessman Teddy Sagi has a 24.79% stake in Comwert, which he acquired in May 2015 for €300 million, meaning he has made a handsome profit over the past 15 months.
In the planned deal Vonovia is offering 74 shares in exchange for 149 Conwert shares or in other words €17.58 for each Conwert share, a 9% premium on the current market price.
Published by Globes [online], Israel business news - www.globes-online.com - on September 5, 2016
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Teddy Sagi