Unite Group gets CMA approval for £1.4bn Liberty Living acquisition

Unite Group gets CMA approval for £1.4bn Liberty Living acquisition

UK Competition and Markets Authority(CMA) has approved The Unite Group’s acquisition of Liberty Living for £1.4 billion from Liberty Living Holdings Inc.(‘CPPIB Holdco’), a wholly owned subsidiary of Canada Pension Plan Investment Board.

Following the CMA’s approval, completion of the acquisition is expected to occur at the end of November 2019, subject to satisfaction of the remaining conditions.

Upon completion, CPPIB Holdco will have the right to appoint one non-executive director to the board of directors of Unite (the ‘Board’) in connection with its 20% shareholding in the Enlarged Group.

CPPIB Holdco has nominated Thomas Jackson to join the board as a non-executive director effective from completion.

“We are delighted that our acquisition of Liberty Living has been approved by the CMA. This is a transformative acquisition which brings together the best of two companies with a wealth of expertise and experience in delivering for students and university partners. The enlarged group will be well positioned to meet the growing need for affordable, high quality student accommodation in university towns and cities where demand is strong,” commented Richard Smith, Chief Executive of Unite Students.

”This, combined with our best-in-class operating platform, will mean more choice for universities and an enhanced service and welfare offer for students.” he added.