Avance advises Rettig Oy Ab and the consortium formed by certain affiliated funds of Apollo Global Management and Rettig in relation to the voluntary recommended public cash tender offer for all the shares in Purmo Group Plc announced by the consortium’s special purpose vehicle Project Grand Bidco (UK) Limited. The tender offer enables Rettig to continue supporting Purmo Group as a significant minority shareholder by providing insights and institutional knowledge gathered throughout its more than 50 years of ownership in Purmo Group.
The tender offer values Purmo Group’s total equity at approximately EUR 392 million. The offer period under the tender offer is expected to commence on or about 17 May 2024 and to initially expire on or about 24 June 2024.
The completion of the tender offer is subject to the satisfaction or waiver by the offeror of certain customary conditions including, among others, the receipt of necessary regulatory approvals and obtainment of control of more than 90% of all outstanding shares and votes in Purmo Group.