IRSA Inversiones y Representaciones Sociedad Anónima agreed to acquire IRSA Propiedades Comerciales S.A. for ARS 2.8 billion.

IRSA Inversiones y Representaciones Sociedad Anónima (BASE:IRSA) agreed to acquire IRSA Propiedades Comerciales S.A. (BASE:IRCP) for ARS 2.8 billion on September 30, 2021. Under the terms, exchange ratio is set to 1.4 IRSA Inversiones shares. The merger is subject to the approval of the shareholders' meeting of both companies, which will be held once both companies have the administrative approval of the United States Securities and Exchange Commission.

Board of Directors of IRSA Propiedades and IRSA Inversiones approved the transaction. As of December 22, 2021, shareholders of IRSA Propiedades and IRSA Inversiones approved the transaction. The effective date of reorganization on July 1, 2021.

Banco Santander and Banco Itaú acted as fairness opinion providers for IRSA Inversiones. Jaime Mercado, Juan M. Naveira and Jon Cantor of Simpson Thacher & Bartlett LLP acted as legal advisor to IRSA Inversiones y Representaciones Sociedad Anónima.