Kennedy Wilson Overcomes Billionaire Soros' Objections To Complete $8B Merger

George Soros

Kennedy Wilson has completed a merger with its European offshoot, despite criticism from billionaire investor George Soros.

Los Angeles-based Kennedy Wilson has completed the merger with London-listed Kennedy Wilson Europe, which owns around $2B of assets across Europe in previously distressed markets like the U.K., Ireland and Spain.

Kennedy Wilson made its original merger proposal in April, but it was knocked back and drew public criticism from Soros’ Quantum Strategic Partners because the price offered for the European business was a 15% discount to its net asset value.

The company had been trading at a discount for some time. The offer eventually agreed to by shareholders, including Quantum, represented a 5% discount to net asset value.

Kennedy Wilson said the newly combined company would have an enterprise value of $8B, which includes debt.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's London Newsletters
Related Stories

UK Budget Risks Deterring Sovereign Wealth Funds From Real Estate

TPG, ACORE Raise Billions For Opportunistic CRE Funds

Newmark Cuts Earnings Outlook Despite Record Third Quarter

Battered Mortgage REIT Suspends Dividend To Preserve Cash

Blackstone Mortgage Trust Reports Unexpected Q3 Net Loss

'Distress Is Finally Trading': Investors Chasing Big Discounts On Boston Office

Tyko Capital Sets New Record For Florida's Largest Construction Loan

Deutsche Bank's Asset Manager Needs To Sell To Meet Redemptions. Here's What It Owns

JLL's Q3 Revenue Surges Amid Strong Leasing, Capital Markets Activity

Fed's Pause Gives CRE Little Relief As Yields, Midterms Freeze Deals

Prologis To Develop 3.8M SF Industrial Park On Former Casino Site

GID, StepStone Complete $985M Secondary Deal For Industrial Portfolio