OTTAWA (dpa-AFX) - Unite Group plc. (UTG.L), a provider of student accommodation, announced Wednesday that the UK Competition and Markets Authority or CMA has unconditionally approved its acquisition of Liberty Living Group plc for total consideration of 1.4 billion pounds.
The CMA, in its statement, said it has decided not to refer the proposed merger to a Phase 2 investigation under the provisions of the Enterprise Act 2002.
The acquisition is from Liberty Living Holdings Inc., a subsidiary of Canada Pension Plan Investment Board.
Following the CMA's approval, completion of the acquisition is expected to occur at the end of November 2019, subject to satisfaction of the remaining conditions.
Subject to completion, approximately 72.6 million consideration shares will be issued to CPPIB Holdco by Unite in connection with the Acquisition representing 20% of Unite's enlarged share capital.
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