Sun Communities, Inc. (NYSE:SUI) entered into definitive agreement to acquire Park Holidays UK Limited for group of shareholders for approximately £950 million on November 13, 2021. Sun Communities, Inc. shall issue shareholders 173,482 shares equals to £25 million while remained will be payable in cash. The cash consideration payable to the Sellers is subject to certain adjustments. In connection with the acquisition, the Company entered into a commitment letter with Citigroup Global Markets Inc. to lend the Company up to £950 million under a new senior unsecured bridge loan to fund the cash portion of the acquisition. The transaction will also be financed from the proceeds received through public offering of 2.75 million shares. For the twelve months ended September 30, 2021, Park Holidays generated £73.9million in EBITDA. Park Holidays' experienced operating team, led by Chief Executive Officer Jeff Sills, will continue to run day-to-day operations under Sun's ownership.

The consummation of the Acquisition is subject to a required regulatory approval. There can be no assurances as to the actual closing or timing of the closing. Transaction is expected to close in the first quarter of 2022. As of February 22, 2022, the transaction is expected to close in mid-March of 2022. The transaction is expected to be accretive to 2022 Core FFO per share. Citigroup and Lazard are acting as financial advisors to Sun Communities, Inc. and Jaffe, Raitt, Heuer & Weiss, Professional Corporation and Ben Larkin and Vica Irani of Jones Day are acting as legal advisors. HSBC and RBC Capital Markets acted as joint financial advisors to Park Holidays and Proskauer Rose (UK) LLP acted as legal advisor. Malcolm Montgomery of Shearman & Sterling represented Citibank, as administrative agent and sole lead arranger in connection with £950 million in senior unsecured bridge financing commitments for Sun Communities, Inc.'s pending acquisition of Park Holidays UK. While we expect the Acquisition to close not later than April 8, 2022, if the Purchase Agreement is otherwise terminated in accordance with its terms, then we will not complete the Acquisition.

Sun Communities, Inc. (NYSE:SUI) completed the acquisition of Park Holidays UK Limited for group of shareholders for approximately on April 7, 2022.