Generali: about to sell stake in Covivio Hotels

(CercleFinance.com) - Covivio has announced an agreement to acquire Generali's 8.
3% stake in Covivio Hotels, in exchange for new Covivio shares, on the basis of a parity of 31 Covivio shares for 100 Covivio Hotels shares, post-dividend 2023.

This operation, which represents the equivalent of the acquisition of E500m of assets and a strengthening of shareholders' equity of nearly 300 million, marks a major step in Covivio's reinforcement in the hotel sector, a growth market.

On completion of this contribution, expected by the end of April, the real estate company will own 52.2% of the capital of its subsidiary Covivio Hotels, and will launch a mandatory public exchange offer for the remainder of the capital.


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