Savills PLC (SVS.LN), a real estate advisory firm, Thursday announced the proposed acquisition of Studley Inc., a commercial real estate services firm in the U.S., for up to $260 million, or 154 million pounds.
-Consideration is payable in installments between completion and May 31, 2017, in cash, promissory notes and ordinary shares of Savills.
-For the year ended Dec. 31, 2013, Studley's turnover was $233 million, adjusted EBITDA was $18.4 million and pretax profit was $6.0 million.
-Performance in the first quarter of 2014 has shown a material improvement on the same period in 2013.
-Cash portion of the initial and deferred consideration will be funded from Savills cash and banking facilities.
-Merger, which is subject to a vote of Studley stockholders, is expected to close on or around May 30, subject to closing conditions
-Savills has received irrevocable undertakings to vote in favour of the transaction from holders of 78% of the shares of Studley...Savills to buy U.S. real-estate firm for $260 mln
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