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CMA Signs Off on Unite’s Acquisition of Empiric Ahead of Deadline

By  |  November 27, 2025

The UK’s competition regulator has given the green light to Unite Students’ plan to purchase its smaller student housing competitor Empiric Student Property. The Competition and Markets Authority confirmed the clearance on Thursday, according to a statement from the regulator.

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    The CMA recently completed its initial review of the deal and decided not to escalate the merger to a more detailed Phase 2 probe. The approval arrives weeks before the 19 December deadline that would have determined whether the transaction required deeper scrutiny, per a statement from the authority.

    Unite and Empiric first unveiled their proposed combination in August, outlining a transaction that would bring together a student accommodation portfolio valued at £10.5bn and totalling roughly 75,000 beds across the UK. Under the financial terms, Empiric shareholders were set to receive a mix of cash and new Unite shares, with the deal valuing Empiric at £634m.

    However, the companies said on Thursday that the cash portion of the offer will be slightly reduced due to the revised timeline for the acquisition. Investors are now expected to receive 30.725p per share rather than the previously stated 32p, according to a statement released by the firms. Shareholders who keep the newly issued Unite shares will qualify for Unite’s final dividend in 2025.

    “The expectation is therefore that Empiric shareholders who retain their new Unite shares will ultimately receive an amount in respect of the financial year ended 31 December 2025 that is approximately equivalent to what they would have received had the acquisition not occurred,” Empiric said in a statement.

    Source: VoxMarkets