Griffin closer to acquire Echo Investment, EC approves
14:03
The European Commission (EC) approved the acquisition of Polish real estate developer Echo Investment by Luxembourg's Griffin Real Estate, propertynews.pl web portal reported.
The transaction will not cause any harm for competition rules, as it has "a limited influence on the market's structure," the EC informed.
"I am glad with the Commission's decision. This is a huge step towards concluding this transaction," said Przemysław Krych, the CEO of Griffin's.
Polish billionaire Michał Sołowow, the owner of 41.55 percent of developer Echo Investment (EI) shares, will sell his stakes to Luxembourg's Griffin Real Estate and U.S. investment fund Pimco, the ISBnews agency reported in March.The deal is to be finalized within 2-3 weeks, according to the web portal. Another step is to hold a tender offer of 66 percent of the holding, which will take place in line with legal procedure. Sołowow revealed his plans on selling his stakes in EI in July 2014. In mid-January 2015, the media informed that Griffin is interested in buying them.
