Blackstone Real Estate Partners IX L.P., fund managed by The Blackstone Group Inc. (NYSE:BX) and Blackstone Real Estate Partners VI, L.P., fund managed by Blackstone Real Estate Advisors agreed to acquire Hansteen Holdings PLC (LSE:HSTN) from a group of sellers for approximately £500 million on December 18, 2019. Under the terms of the scheme of arrangement, each Hansteen shareholder will be entitled to receive £1.165 per share in cash. The cash consideration payable under the terms of the acquisition will be funded from equity to be invested by Blackstone Funds.

The transaction is subject to customary closing conditions, including approval of the Scheme by a majority in number of the Hansteen shareholders, approval of the Scheme by the Court and Scheme becoming effective. Hansteen Directors intend to recommend unanimously that Hansteen Shareholders vote in favour of the Scheme at the Court Meeting and the Resolutions to be proposed at the General Meeting as the Hansteen Directors. The court meeting and general meeting is expected to be held on January 31, 2020. The court hearing will be held on February 4, 2020. Blackstone has received irrevocable undertakings from each of the Hansteen Directors to vote in favour of the Scheme representing approximately 5.5% of Hansteen's issued ordinary share capital. As on January 10, 2020, the transaction has been unanimously approved by the Board of Hansteen. Transaction was approved by Shareholders of Hansteen Holdings PLC on January 31, 2020. As on February 4, 2020, the transaction has been approved by High Court of Justice in England and Wales. The transaction is expected to close in during the first quarter of 2020. As on January 10, 2020, the transaction is expected to close on February 6, 2020. It is expected that the listing of the Hansteen Shares on the Official List of the FCA and the trading of the Hansteen Shares on the Main Market of the London Stock Exchange will each be suspended, effective from February 5, 2020 and subject to the scheme becoming effective on 6 February 2020, will each be cancelled, effective from on February 7, 2020.

Alex Midgen and Sam Green of N.M. Rothschild & Sons Limited acted as financial advisor and Simpson Thacher & Bartlett LLP acted as legal advisor for Blackstone. Capel Irwin, Michael Nicholson and Harry Nicholas of Peel Hunt LLP acted as financial advisor and Jones Day acted as legal advisor for Hansteen. Karen Davies, Tom Mercer and Oliver Perkins of Ashurst LLP acted as legal advisors to N.M. Rothschild & Sons Limited in relation to the transaction. Link Asset Services acted as Registrar to Hansteen in the transaction. Anna Cartwright and Mark Emerson of Jones Day acted as solicitor to Hansteen in the transaction.

Blackstone Real Estate Partners IX L.P., fund managed by The Blackstone Group Inc. (NYSE:BX) and Blackstone Real Estate Partners VI, L.P., fund managed by Blackstone Real Estate Advisors completed the acquisition of Hansteen Holdings PLC (LSE:HSTN) from a group of sellers on February 6, 2020. Hansteen Holdings PLC will be delisted from London Stock Exchange on February 7, 2020. Upon completion, each of Directors of Hansteen Holdings PLC including Melvyn Egglenton, Ian Watson, Morgan Jones, Rick Lowes, David Rough and Jim Clarke has resigned from their positions.