Austrian construction group Strabag signed an agreement to buy Austrian real estate development company Raiffeisen evolution project development GmbH, the message released by the concern reads.
Following the results of transaction, Strabag will increase its stake in Raiffeisen Evolution from 20% to 100%.
According to the report, Strabag will buy some more 40% stake in Raiffeisen Bank, 20% in the branch of Raiffeisen Holding Niederosterreich-Wien and another 20% in Uniqa insurance company. The cost of the transaction will amount to 56 million euro.
The contract also provides for the repayment of the shareholders loans in the amount of 42 million euros. The agreement is subject to the approval of antitrust authorities in Austria and Hungary.