Studley, a New York-headquartered commercial real estate brokerage company with 25 offices around the country, has announced that company shareholders have unanimously approved the proposed merger (announced on May 1, 2014) with London-based Savills plc (LON: SVS), one of the world's leading real estate advisory firms. The merger was successfully completed on May 30, 2014, and the firm has officially begun operations as Savills Studley in the United States. Under the terms of the merger agreement Savills will pay up to $260 million for Studley, which will be satisfied through a combination of cash, new Savills shares and promissory notes.
The combined company strengthens Studley's global capabilities in Asia and Europe, while bolstering Savills' presence in the United States. Going forward, the merged entity will have more than 600 locations worldwide.
"This represents a significant step for both firms and our clients," said Mitchell S. Steir, Chairman and CEO at Studley. "As we join forces with the team at Savills, we are thrilled that we will have a stronger platform to continue our growth with a partner that shares our commitment to superior client service."
Studley's top 500 U.S. clients have over 9,000 locations within Savills non-U.S. markets, highlighting the tremendous business opportunities for the merged firm.
Jeremy Helsby, Group Chief Executive of Savills, added: "We are delighted to complete this acquisition of Studley and are looking forward to growing the combined business in the US. This deal brings the leading US tenant representation brokerage brand into the Savills Group and complements our existing leading positions in the European and Asian markets. We are now well placed to provide exceptional service to clients in the world's key locations."
Founded in 1954 and headquartered in New York City, Studley employs over 400 brokers and 175 support staff in 25 offices across the U.S. Since successfully completing a management-led buyout in 2002, the firm has been owned by its 139 partners. As part of Savills, Savills Studley will have access to more than 27,000 employees with operations and resources in 60 countries around the world.
Shares of Savills common stock will continue to trade under the existing ticker symbol "SVS" on the London Stock Exchange.With Unanimous Studley Shareholder Approval, Savills Studley Merger is Completed
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