DGAP-Ad-hoc: Aareal Bank AG / Key word(s): Mergers & Acquisitions/Change in Forecast Following negotiations with the Association of German Banks (Bundesverband Deutscher Banken e.V.), Aareal Bank Group has reached an agreement on the acquisition of all shares in Düsseldorfer Hypothekenbank AG. The sale and purchase agreement has been signed; it is subject to approval by corporate bodies. Closing of the transaction is subject to regulatory approvals, and is currently expected to take place in 2018. The preliminary purchase price is approx. EUR 162 million. The final purchase price will depend upon market price fluctuations until the closing date. For Aareal Bank, the transaction would lead to a positive one-off effect from initial consolidation (negative goodwill) in the amount of approx. EUR 52 million. Operating profit for the 2019 financial year would presumably be burdened by this transaction in a very low double-digit million amount. Against this background, the purchase price has been reduced and negative goodwill increased accordingly. Assuming closing will take place in 2018, as planned, said one-off effect would materialise in the 2018 financial year. In such case, Aareal Bank would increase its original profit forecast for the 2018 financial year, expecting consolidated operating profit - including the one-off effect - to be in a range between EUR 312 million and EUR 352 million, and EpS to be in a range between EUR 3.47 and EUR 3.87.
Contact: Jürgen Junginger, Head of Investor Relations
11-Sep-2018 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
Language: | English |
Company: | Aareal Bank AG |
Paulinenstr. 15 | |
65189 Wiesbaden | |
Germany | |
Phone: | +49 (0)611 348 - 0 |
Fax: | +49 (0)611 348 - 2332 |
E-mail: | aareal@aareal-bank.com |
Internet: | www.aareal-bank.com |
ISIN: | DE0005408116 |
WKN: | 540811 |
Indices: | MDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange; Stockholm |
End of Announcement | DGAP News Service |
722221 11-Sep-2018 CET/CEST