ADLER Real Estate AG completed the acquisition of A.D.O. Group Ltd..
The transaction is subject to a majority approval at ADO Group's shareholder meeting, ADO Group is under the obligation to sell shares of its subsidiary ADO Properties and thereby holding not more than 33% in ADO Properties, a condition precedent necessary for ADLER not to be required to launch a mandatory takeover offer for all outstanding shares in ADO Properties upon closing of the merger, clearance by the competent merger control authorities and other customary and statutory closing conditions. As on November 7, 2019, target shareholders approved the transaction. As of November 25, 2019, ADO received irrevocable undertakings from a number of institutional entities in Israel to purchase from ADO an aggregate amount of up to 2.2 million shares of ADO Properties. The closing of the merger is expected in December 2019. As of November 13, 2019, the transaction is expected to complete between December 8, 2019 to December 10, 2019, which is 30 days after the EGM as required by the Israeli law.
JPMorgan is acting as exclusive financial advisor and sole provider of acquisition financing for ALDER in context of this transaction. Freshfields Bruckhaus Deringer is acting as legal counsel advising ADLER on German merger, corporate law and the debt financing, Meitar Liquornik Geva Leshem Tal on Israeli M&A, Arendt&Medernach on Luxembourg corporate and securities laws and Norton Rose Fulbright is advising on the equity financing.
ADLER Real Estate AG (XTRA:ADL) completed the acquisition of A.D.O. Group Ltd. (TASE:ADO) on December 10, 2019.