The week of Aug 2 to 6 started off with the announcement on Aug 2 that Keppel Corp plans to acquire Singapore Press Holdings (SPH) — excluding its media business — for $2.237 billion, of which $1.08 billion is in cash and the remainder in Keppel REIT units.

The Keppel Corp transaction, which includes SPH shareholders receiving 0.782 SPH REIT units for each SPH share, prices SPH at a price to net asset value (NAV) at a multiple of one.

A couple of days later on Aug 4, ESR Cayman announced that it plans to acquire ARA Asset Management for US$5.2 billion ($7.01 billion), of which 90% will be in shares. The share exchange will be done with each ESR Cayman share at HK$27 ($4.69).

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