Student accommodation business The Unite Group , which has properties in Glasgow and Edinburgh, has been given the go-ahead to buy its rival Liberty Living Group.
The Competition and Markets Authority has unconditionally approved the company's acquisition of Liberty Living Group for £1.4 billion from Liberty Living Holdings , a subsidiary of Canada Pension Plan Investment Board.
Completion is expected to occur at the end of November 2019, subject to satisfaction of the remaining conditions. Subject to completion, approximately 72.6 million consideration shares will be issued to CPPIB Holdco by Unite in connection with the acquisition representing 20% of Unite's enlarged share capital.
Richard Smith, chief executive of Unite Students, said: "We are delighted that our acquisition of Liberty Living has been approved by the CMA. This is a transformative acquisition which brings together the best of two companies with a wealth of expertise and experience in delivering for students and university partners.
"The enlarged group will be well positioned to meet the growing need for affordable, high quality student accommodation in university towns and cities where demand is strong. This, combined with our best-in-class operating platform, will mean more choice for universities and an enhanced service and welfare offer for students."
