Key points
- Ingenia to acquire 100% of Peet Limited via a scheme of arrangement
- Transaction valued at approximately $1.266 billion
- Peet shareholders to receive $0.68 cash and 0.3367 Ingenia stapled securities per share
- Establishment of a joint venture at Peet's Flagstone City project
- Expected to enhance Ingenia's land lease platform and residential offerings
Full summary
Ingenia Communities Group (ASX: INA) has announced its intention to acquire Peet Limited (ASX: PPC) through a scheme of arrangement. The transaction is valued at approximately $1.266 million and is expected to create Australia's leading land lease platform. Peet shareholders will receive $0.68 cash and 0.3367 Ingenia stapled securities per share. The acquisition is expected to provide significant land lease conversion opportunities and enhance Ingenia's platform scalability and return on equity. The transaction is subject to certain conditions, including the establishment of a joint venture at Peet's Flagstone City project.
Guidance
Nil goodwill recognized, low double-digit EPS accretion expected
Outlook
Expected to enhance Ingenia's land lease platform and residential offerings, creating long-term earnings and value creation benefits.