Gazit-Globe Buys 5.5% Of Atrium Shares From CPI For EUR 88 Mln

(RTTNews) - Gazit-Globe (GZT) announced Wednesday that it has entered into an agreement to purchase 20.42 million of Atrium or ATR ordinary shares representing approximately 5.5% of its issued and outstanding shares from an entity forming part of the consortium managed by CPI CEE Management LLC, at a price of 4.3 euros per share for a total consideration of about 87.8 million euros in an off-market transaction.

Following the completion of the acquisition, Gazit-Globe will hold (through wholly-owned subsidiaries) 149,325,178 ATR ordinary shares comprising 39.9% of the issued and outstanding shares of ATR (prior to the acquisition, Gazit-Globe held 34.4% of ATR shares).

Following the completion of the acquisition, Gazit-Globe is expected to incur an accounting gain in its third quarter 2013 financial statements, estimated to be between NIS 155 million to NIS 175 million.

Upon completion of the acquisition, CPI will hold 52.07 million ordinary shares of ATR, comprising 13.9% of the issued and outstanding shares of ATR. Gazit-Globe and CPI will continue to jointly control ATR with 53.8% of its voting rights.