ALTAREA COGEDIM ENTERS INTO EXCLUSIVE NEGOTIATIONS TO ACQUIRE THE PROPERTY DEVELOPER, SEVERINI
Altarea Cogedim enters into exclusive negotiations with the shareholders of the property developer, Sévérini, for its acquisition.
Created in 1984, Sévérini is a residential property developer, mainly active in the Nouvelle-Aquitaine region, and more marginally in the Paris area. Based in Bordeaux, it has 35 employees and generated revenue of €55 million in respect of the financial year ended 31 March 2018.
This acquisition will notably enable Altarea Cogedim to reinforce its business in Nouvelle-Aquitaine, by building on Sévérini’s skills and anchorage in the region.
Sévérini’s shareholders and Chairman, Jean-Louis Sévérini, wanted to team the company up with a major property player in order to support its development.
Altarea Cogedim aims to acquire 85% of Sévérini’s capital by 31 December 2018. After a three-year period during which Mr Jean-Louis Sévérini will remain Company Chairman, Altarea Cogedim could acquire the remaining share capital.
Completion of the transaction is subject to the signature of the final agreements between the parties and prior approval from the Autorité de la Concurrence (French Competition Authority) under merger control regulations.