Globe Trade Centre S.A. (WSE:GTC), or GTC, is currently in advanced negotiations to acquire a majority stake in Ultima Capital SA (BRSE:ULTIMA) in potential transactions which would value the Swiss luxury real estate firm at between CHF 1.25 billion (USD 1.4 billion/EUR 1.28 billion) and CHF 1. 35 billion in enterprise terms. GTC could buy shares indirectly held by co-founder Max-Herve George, Ultima Capital said over the weekend. The Polish company could also acquire options to purchase Ultima shares held directly and indirectly by the other co-founder, Byron Baciocchi. If these transactions are agreed and completed and the relevant options exercised, the two co-founders will offload all or substantially all of their shareholdings.

GTC is also in negotiations with certain other shareholders in Ultima and intends to secure the acquisition of further shares, the Swiss company said. If the Polish company buys a stake of over 33%, it will have to make a public tender offer for the remaining shares in Ultima. GTC is a real estate investor and developer in Eastern Europe with a staff of over 200 people.

In 2022, the company achieved rental revenue of EUR 167 million (USD 183.1 million). Ultima Capital holds and develops a portfolio of 48 residences, chalets, villas and plots across 11 locations. The company has luxury properties in France, ski resorts in Switzerland, the Geneva City area and Greece among others.