NZ's Arvida Group rises on buying retirement villages operator for $245 mln

Arvida

18/10/2021 24:40

** Shares of Arvida Group Ltd  ARV.NZ  rise as much as 2.9%
to NZ$2.14, their highest since Oct. 11 
    ** Retirement village and aged care operator on Friday
entered conditional agreement to purchase retirement villages
operator Arena Living Holdings Ltd for about NZ$345 mln ($244.71
mln)  urn:newsml:reuters.com:*:nNZW2jTdhT
    ** Co said acquisition expected to add NZ$32 mln-NZ$34 mln
of underlying profit in FY22 on a pro-forma basis
    ** ARV also announced NZ$155 mln underwritten placement and
NZ$175 mln underwritten rights offer to partially fund
acquisition
    ** As of 2339 GMT, ARV stock up 1.4%
    ** Stock posts its biggest intraday pct gain since Aug. 19
    ** About 990,000 shares change hands, vs the 30-day average
volume of 355,000 shares
    ** Stock up 16.2% this year, as of last close

($1 = 1.4098 New Zealand dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))