Aareal Bank and Advent International have announced their intention to sell Aareon to TPG and CDPQ for around €3.9 billion (£3 billion).
Lee Burke, chief revenue officer, Aareon said, “This is a huge milestone and great news for Aareon, its customers and employees. Aareon will become an independent company, investing in and enhancing its innovative product suite to better serve the social housing sector.”
Aareal Bank and Aareon said that they will continue to support their customers after the transaction through their joint venture, First Financial Software. The transaction is expected to take place later this year.
Flavio Porciani, partner, TPG, said, “For many years, we have admired Aareon’s position as a leader in the European property management sector. We are thrilled to partner with the Aareon team and our fellow investors to build on the successes of the business as a standalone company.”
Harry Thomsen, chief executive officer, Aareon, said, “This transaction marks a milestone in the development of Aareon. Thanks to the strong support of our owners Aareal Bank and Advent International, the company has made excellent progress in recent years. We now have reached a point where we can take the next step in our development.”
