The normally subdued corporate listed market has seen a burst of activity, with Kennedy Wilson Europe Real Estate merging with its US-listed sister company, and Market Tech taken private by principle shareholder LabTech.
Deals are being driven by shares trading at a discount to NAV across much of the sector.
KWERE has agreed a $4bn (£3.1bn) all-share tie-up with New York-listed Kennedy Wilson Holdings. There will be no change of management in Europe. KWERE shareholders will own circa 36% of the enlarged firm following the deal.
LabTech, owned by Israeli billionaire Teddy Sagi, already held 71% of Market Tech and agreed to pay shareholders 188p per share for remaining stake, a 30% premium, valuing the company at £892.5m.
Rothschild and JP Morgan Cazenove advised Kennedy Wilson. UBS advised LabTech.Rothchild advised Market Tech.
