Media information
Baloise is to acquire Pax Anlage AG and boosts its real-estate portfolio
Basel, 6 January 2017. Baloise is to acquire a majority shareholding in Pax Anlage AG and to make a public takeover offer for the remaining shares. This transaction represents a further expansion of Baloise's real-estate portfolio and Baloise thereby invests up to CHF 288 million of insurance assets in a secure and attractive asset class.
Baloise is to acquire a majority stake in publicly listed real-estate company Pax Anlage AG (SIX: PAXN). By entering into agreements with majority shareholders Pax Holding (Genossenschaft), Pax, Schweizerische Lebensversicherungs-Gesellschaft AG and Nürnberger Lebensversicherung AG, Baloise Life Ltd will acquire around 70 per cent of the share capital and voting rights. Today, Baloise published the pre-announcement of a public takeover offer for the remaining approx. 30 per cent of shares in free float at a price of CHF 1,600 per share (subject to dilution effects).
The Pax Anlage AG real-estate company has a portfolio of properties with a diversified mix of uses and attractive returns. In the environment of negative interest rates, the takeover means that Baloise will boost its most profitable asset class in group life business and will invest insurance assets of up to CHF 288 million.
The transaction is in particular subject to governmental approvals.
Further information
- Media information at www.baloise.com
Contact
Baloise Group, Aeschengraben 21, 4002 Basel, Switzerland
Website: www.baloise.com
Email: media.relations@baloise.com / investor.relations@baloise.com
Media Relations: Dominik Marbet, tel +41 (0)58 285 8467
Investor Relations: Marc Kaiser, tel +41 (0)58 285 8181
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