Aareal Bank AG and its majority owner Advent International agreed to sell the bank’s software unit, prompting the German regional lender to raise its guidance for this year.
Private equity firm TPG and Canadian pension fund Caisse de Depot et Placement du Quebec will acquire the unit at an enterprise value of about €3.9 billion ($4.2 billion), Aareal said in a statement on Monday. That values the bank’s equity stake in the unit, called Aareon, at about €2.1 billion.
Bloomberg reported earlier this month that TPG was among bidders for the software business. Advent aquired a 30% stake in Aareon ...
