Advent, Centerbridge Inch Closer to Aareal Bank Bid

A consortium backed by Centerbridge and Advent International is preparing to make a formal takeover offer for Aareal Bank AG as soon as next week valued at upwards of 1.7 billion euros ($2 billion), people familiar with the matter said.

The private equity firms have largely completed due diligence and have roped in partners including a Canadian pension fund to join their consortium, the people said, asking not to be identified because the information is private. They are now in talks with other potential co-investors, according to the people.