WOOD Flash – Echo Investment: a new controlling shareholder on the horizon
Wing, a leading Hungarian real estate developer and investor, has entered into a preliminary agreement to buy a 100% stake in Lisala – the company that controls a 56% stake in Echo Investment (Echo) – from the consortium of PIMCO, Oaktree and Griffin RE. The completion of the transaction is conditional on regulatory approvals. So far, the price has not been disclosed.We believe that, if the deal is successfully completed, the buyer will be obligated to call a mandatory tender offer for at least an additional 10% stake (i.e., at least up to 66%). However, as Wing would be buying 100% of the shares in Lisala (which controls 55.96% of Echo), instead of buying shares in Echo directly, we are not sure whether Wing would be obligated to offer the price implied by the deal to Echo’s minority shareholders.
Echo Investment is a real estate investment and development company based in Poland. Co.'s is engaged in operations in the real estate market, the design, construction and development of shopping and entertainment centers, hotels, office buildings, houses, blocks of flats and apartments. Co.'s operations are organized along three operating segments: Shopping and Entertaining Centers, Offices and Hotels and Residential. Co. also offers general contracting services for third party investors. Co. owns properties throughout Poland, including Szczecin, Poznan, Warsaw, Krakow and Kielce, among others, and abroad, including Ukraine, Romania and Hungary.
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