Overview

• The boards of Unite and Empiric have approved a recommended cash-and-share offer valuing Empiric at around £700m–£723m, though one source reports a reduced £634m price after due diligence.
• Empiric shareholders would receive a combination of cash and Unite shares, leaving them with about a 10% stake in the enlarged business.
• The merger would create a combined portfolio worth approximately £10.5bn and encompass 75,000 beds, making it the UK’s largest purpose-built student accommodation landlord.
• Unite expects the transaction to deliver roughly £13.7m in annual cost synergies, boosting earnings and dividends for shareholders.
• Completion of the deal is conditional on Empiric shareholder approval and clearance from the Competition and Markets Authority.