Aggregate Holdings SA is in talks to take its Portuguese unit Vic Properties public in a merger with BurTech Acquisition, Bloomberg reports, citing people familiar with the matter.
The talks are the latest effort by the German real estate firm led by Cevdet Caner to sell assets and cut debt after it was embroiled in short-seller allegations of fraud against Adler Group SA. The parties have signed a letter of intent, said the people, all of whom requested anonymity as the talks are private.
The SPAC has been discussing a potential equity value of more than $300 million for Vic, a figure that could rise if certain performance targets are met, some of the people said. The eventual enterprise value of the combined entity could be even higher after including proceeds from a potential PIPE offering and the SPAC’s remaining cash after any redemptions, the people said. Read more.
