Arvida Group Limited (NZSE:ARV) entered a conditional agreement to acquire Arena Living Holdings Limited from funds managed by Blackstone Inc. (NYSE:BX) for approximately NZD 350 million on October 15, 2021. Consideration for the acquisition and transaction costs is to be funded through a combination of new equity of NZD 330 million and debt of NZD 23 million. The transaction is subject to customary closing conditions and expected to complete on November 15, 2021.

The transaction represents an attractive 12% discount and Earnings Accretion in FY22 underlying profit per share.