CapitaLand to buy Temasek’s Ascendas-Bridge for $11b
CapitaLand has entered into a transaction with Temasek to acquire all the shares in its subsidiary Ascendas-Singbridge (ASB) which is an urban solutions provider valued at $11b.
Under the terms of the agreement, Temasek will receive $6 billion, which will be satisfied 50% in cash ($3 billion) and 50% in new CapitaLand shares ($3 billion). Post transaction, Temasek’s ownership of CapitaLand will increase from approximately 40.8% to about 51.0%.
The shares will be priced at $3.50 per share, representing a premium of 11.3%, or approximately $0.36, over CapitaLand’s one-month volume weighted average price of $3.14. The consideration takes into account the adjusted net asset value of Ascendas-Singbridge which includes the value of its fund management platform and the trading value of its three sponsored listed trusts.