FCyC, S.L. completed the acquisition of a 11.47% stake in Metrovacesa S.A. for approximately 130 million.
June 19, 2022
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FCyC, S.L. made a tender offer to acquire an additional 24% stake in Metrovacesa S.A. (BME:MVC) for approximately 280 million on March 23, 2022. Under the terms, 36,402,322 will be acquired at a price of 7.80 per share. Currently FCyC holds 5.4% stake in Metrovacesa and post acquisition stake will increase to 30%. Santander and BBVA holds 49.3% and 20.85% stake in Metrovacesa respectively. As of May 26, 2022, The Council of the National Securities Market Commission (CNMV) has authorized the transaction. Alberto Alonso , Antonio Roncero and Miguel Sánchez of Ecija Abogados acted as legal advisor to Fomento de Construcciones y Contratas. Gabriel Nuñez of Uría Menéndez Abogados, S.L.P. acted as a legal advisor to Metrovacesa S.A. Metrovacesa appointed BofA Securities to provide a fairness opinion on the fairness, from a financial point of view, of the operation for the company's shareholders. Esteban Arza of Linklaters Madrid Advising Bank of America, as financial advisor of Metrovacesa S.A.'s Board of Directors. Lucas Osorio of Hogan Lovells acted as legal advisor to Metrovacesa S.A.
FCyC, S.L. completed the acquisition of a 11.47% stake in Metrovacesa S.A. (BME:MVC) for approximately 130 million on June 20, 2022. Following this transaction, FCyC's ownership in Metrovacesa increased to 17%.
Metrovacesa SA, formerly Metrovacesa Suelo y Promocion SA, is a Spain-based real estate developer. The Company specializes in construction and sale of sustainable housing, both single-family and multi-family residential properties. Its activities also include promotion, urbanization and parceling of real estate in general, as well as real estate management for own benefit or on behalf of third parties. Its asset portfolio includes more than 6 million square meters of building land across Spain, as well as already developed properties in cities, such as Malaga, Almeria, Cordoba, Barcelona and Madrid, among others.