Slaughter and May advised St. Modwen Properties PLC on a recommended cash acquisition by Blackstone
Slaughter and May advised St. Modwen Properties PLC ("St. Modwen") on a recommended cash acquisition of the entire issued and to be issued share capital of St. Modwen by Brighton Bidco Limited, a newly formed company indirectly owned by investment funds advised by Blackstone.
Under the terms of the acquisition, each St. Modwen shareholder was entitled to receive 560 pence in cash for each St. Modwen share. The acquisition valued the entire issued and to be issued share capital of St. Modwen at approximately £1,272 million on a fully diluted basis. The transaction was effected by means of a scheme of arrangement, which became effective on 6 August 2021.
St. Modwen is a UK-based real estate developer and investor and, prior to completion of the acquisition, was a constituent of the FTSE 250. St. Modwen operates across three specialist divisions: St. Modwen Logistics, St. Modwen Homes and Strategic Land & Regeneration. St. Modwen is active across England and South Wales with a portfolio totalling £1.49bn as at 31 May 2021.
Steph McAnally / Trainee