Unite’s £1.4bn Liberty Living deal faces competition probe – The competition watchdog has launched an investigation into Unite Group’s £1.4bn takeover of student accommodation rival Liberty Living.
The Competition and Markets Authority (CMA) could block the takeover if it concludes the deal would prove anti-competitive.
The CMA is yet to set a deadline for its decision but is asking for submissions from any interest parties that may believe there are competition issues with the deal.
Unite struck the deal to acquire Liberty Living from Canadian pension giant CPPIB earlier this month. The deal is comprised of a combination of cash and shares that will result in CPPIB receiving a 20% stake in the enlarged group.
The combined companies have around 75,000 student beds. Unite said the deal would help the company accelerate its future growth, deliver cost synergies of £15m from 2021 and increase its profit margins.
UTG : Unite’s £1.4bn Liberty Living deal faces competition probe