Singaporean real estate company CapitaLand is acquiring urban development solutions provider Ascendas-Singbridge Group for approximately $4.4 billion.
CapitaLand is acquiring Ascendas from Singaporean investment company Temasek. Temasek will receive around $4.4 billion, half in cash and another half in new CapitaLand shares, which will be priced at $2.59 a piece.
CapitaLand and Ascendas-Singbridge said that the transaction will create a company with merged total assets under management of over $85.81 billion.
The acquisition bolsters CapitaLand’s presence in its core markets of Singapore and China while adding significant scale in India, U.S. and Europe. After the deal closes, Temasek’s stake in CapitaLand will increase to about 51 percent, from about 40.8 percent.