The acquisition of the initial 50% stake in Aermont is expected to be completed in 1H2024, subject to identified regulatory and other approvals. On completion, the transaction is expected to be immediately earnings accretive to Keppel.
Keppel Corporation (SGX:BN4
) has entered into an agreement with Aermont Capital Group SCSp to acquire an initial 50% stake in European real estate manager Aermont Capital, with a full acquisition expected in 2028.
The consideration of up to $517 million for the initial 50% stake in Aermont, which can be funded through a combination of cash and treasury shares acquired through Keppel’s earlier share buyback programme, implies an attractive valuation of an approximately 13x enterprise value (EV) to ebitda ratio.
