Gazit Globe Announces Entry into Strategic Transaction for the Sale of the Majority of its Stake in First Capital Realty for Approximately CAD $1.2 Billion
GAZIT-GLOBE (GZT)
Last gazit-globe earnings: 11/20 04:56 am
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US:NYSE Investor Relations:
gazitglobe.com/investor-relations
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Source: GlobeNewswire
TEL-AVIV, Israel, March 01, 2019 (GLOBE NEWSWIRE) -- Gazit Globe (NYSE1/TASE: GZT), a leading global real estate company focused on the ownership, management and development of retail and mixed use properties in urban markets, announced today that Gazit Globe and its wholly-owned subsidiary ("Gazit" or the “Company”), entered into agreements related to its stake in First Capital Realty (TSX: FCR) ("FCR"), which are subject to certain conditions including the approval of the majority of FCR’s shareholders excluding Gazit, to sell 58 million shares of FCR at a price of CAD $ 20.60 per share for aggregate consideration of approximately CAD $1.2 billion (approximately NIS 3.3 billion). If completed, Gazit’s ownership interest in FCR would be reduced from approximately 31.3% currently to approximately 9.9%. The prospective sales will be carried out via two, parallel transactions: (i) a direct buy-back by FCR of 36 million of the FCR shares held by Gazit; and (ii) a fully underwritten, b
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