VINCI Immobilier starts exclusive negotiations on the acquisition of Urbat Promotion
10 September 2018 - 5:45 pm - Acquisitions - France
VINCI Immobilier and the shareholders of Urbat Promotion have started exclusive negotiations on the acquisition of all Urbat Promotion’s share capital by VINCI Immobilier.
Urbat Promotion is an independent property developer specialising in the construction of housing in the south of France. Based in Montpelier, the company has 126 employees and generated revenue of €141 million in 2017.
Urbat Promotion’s family owners wanted the company to have the backing of a major property developer to ensure its long-term future, before withdrawing from its share capital following a transitional phase.
With Urbat Promotion, VINCI Immobilier aims to extend its offering in high-growth regions.
The transaction should take place in two inseparable stages: VINCI Immobilier would acquire 49.9% of Urbat Promotion’s shares by the end of 2018, and the remainder during the second half of 2020.
The transaction is subject to the signature of final agreements. It will be carried out in compliance with applicable obligations regarding consultation with Urbat employee representatives and will be submitted for prior takeover approval by the French competition authority.
Urbat Promotion, an independent property developer created by Alain Clausel in 1975 in Montpellier, is a recognised player in the housing construction sector in the south of France through its five branch offices: Lyon, Marseille, Montpellier, Toulon and Toulouse. Urbat Promotion has 126 employees and generated revenue of €141 million in 2017.
Urbat press contact:
Tel: +33 4 67 14 13 04
VINCI is a global player in concessions and contracting, employing more than 222,000 peoplein nearly 120 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, above and beyond economic and financial results, we are committed to operating in an environmentally and socially responsible manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. VINCI’s goal is to create long-term value for its customers, shareholders, employees, and partners and for society at large.