- Keppel’s acquisition of top-ranked Aermont Capital, which has a major European real estate presence, arguably puts the company into the league of global asset managers. This acquisition will deliver growth as well as investor and geographic diversification for Keppel.
- - Read this at SGinvestors.io -
Taking a big step into European real estate.
- Keppel announced that it will be acquiring an initial 50% stake in Aermont Capital (Aermont) for S$517m with funding via cash and Keppel treasury shares. The acquisition’s implied valuation of 13x EV/EBITDA is lower than Keppel’s 2024F EV/EBITDA of around 19x.
- - Read this at SGinvestors.io -
- Completion of the deal is expected to occur in 1H24, with Keppel stating that it intends to acquire the other 50% stake by 2028, subject to performance measures over the next five years.
Who is Aermont Capital?
- Read more at SGinvestors.io.