Advent, Centerbridge Win Approval for Aareal Bank Takeover (1)

Private equity firms Advent International and Centerbridge Partners received approval from the European Central Bank for their bid to acquire real estate lender Aareal Bank AG.

Shares in Aareal Bank rose as much as 4.6% in early trading on Tuesday. The stock was up 4.2% at 10:00 a.m. in Frankfurt, giving the company a market value of about €2 billion ($2.2 billion).

Advent, Centerbridge and their co-investor, Canada Pension Plan Investment Board, said late on Monday that they’d secured around 90% of Aareal Bank’s shares with their €33 per share takeover bid.

The investors failed with a first ...