Griffin closer to acquiring Echo Investment, EC approves
15:24
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, as it has "a limited influence on the market 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 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. The next step is to hold a tender offer for 66 percent of the holding. 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.
