PATRIZIA To Buy Infrastructure Manager Whitehelm For Initial Purchase Price Of EUR 67 Mln

PATRIZIA AG, a partner for global real assets, Monday said it has entered into a share purchase agreement for the transformational acquisition of Whitehelm, an independently owned infrastructure manager.

The initial purchase price of 67 million euros will be paid in a combination of cash and PATRIZIA shares.

The total purchase price is based on an earn-out structure and can reach a low three-digit million euro amount if ambitious mid-term revenue growth targets are met. The earn-out will also be paid in a combination of cash and PATRIZIA shares.

Whitehelm shareholders have agreed to a lock-up period for the PATRIZIA consideration shares, fully aligned to the interests of PATRIZIA shareholders.

The company expects the deal to close in the first quarter of fiscal 2022, subject to regulatory approvals.

With the acquisition, PATRIZIA expects to further strengthen its position as a real asset investment manager and increase its Assets under Management or AUM to over 50 billion euros in line with its mid-term growth strategy.

The acquisition would triple PATRIZIA's infrastructure AUM to about 5 billion euros. The company expects to grow the segment in the mid-term to 15 billion euros to 20 billion euros.

The company also said the acquisition strengthens its global footprint, in particular in APAC, and accelerates path to achieve net zero carbon emissions in respect of more than 70% of AUM by 2040.

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