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BRIEF-Gazit Globe Enters Transaction For Sale Of Majority Of Its Stake In First Capital For About C$1.2 Bln

Published 2019-03-01, 02:57 a/m
© Reuters.  BRIEF-Gazit Globe Enters Transaction For Sale Of Majority Of Its Stake In First Capital For About C$1.2 Bln
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March 1 (Reuters) - Gazit Globe Ltd GZT.TA :

* GAZIT GLOBE ANNOUNCES ENTRY INTO STRATEGIC TRANSACTION FOR THE SALE OF THE MAJORITY OF ITS STAKE IN FIRST CAPITAL REALTY FOR APPROXIMATELY CAD $1.2 BILLION

* IF COMPLETED, GAZIT'S OWNERSHIP INTEREST IN FCR WOULD BE REDUCED FROM APPROXIMATELY 31.3% CURRENTLY TO APPROXIMATELY 9.9%

* PROSPECTIVE SALES WILL BE CARRIED OUT VIA TWO, PARALLEL TRANSACTIONS

* FOLLOWING BUY BACK AND BOUGHT DEAL TRANSACTION, GAZIT WILL OWN APPROXIMATELY 21.6 MILLION COMMON SHARES OF FCR

* FCR WILL PURCHASE FROM GAZIT APPROXIMATELY 36 MILLION SHARES FOR GROSS PROCEEDS OF APPROXIMATELY CAD $742 MILLION

* AT TIME OF SIGNING OF BUY-BACK AGREEMENT, FCR WILL PAY GAZIT CAD $3.0 MILLION

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