Covivio (ENXTPA:COV) signed an agreement to acquire additional 8.3% stake in Covivio Hotels (ENXTPA:COVH) from Generali Asset Management SGR SpA for ?160 million on February 21, 2024. Covivio will issue 31 shares for every 100 Covivio Hotels shares. The transaction is subject to approval by the Contribution Appraiser.

After completion of transaction, Covivio will hold 52.2% stake in Covivio Hotels and will file a mandatory simplified public exchange offer (the ?Offer?) for the rest of the shares of Covivio Hotels, based on an exchange ratio of 31 Covivio shares for 100 Covivio Hotels shares. The transaction is expected to complete by end of April.