Studley, a national real estate brokerage with offices in New Jersey, has completed its merger with London-based Savills plc in a deal that could total $260 million in value.
The firm announced Monday that its shareholders had unanimously approved the proposed merger, which was completed last Friday. It has officially begun operations as Savills Studley in the United States, with New Jersey offices in Hackensack and Woodbridge, according to the company website.
Under the terms of the merger agreement, Savills will pay up to $260 million for Studley through a combination of cash, new Savills shares and promissory notes, according to a news release.
Studley, which has 25 offices nationwide, said the combined company will strengthen its global capabilities in Asia and Europe while bolstering Savills’ presence in the United States. The merged entity will have more than 600 locations worldwide.
The firm opened its Central Jersey office, its first in the state, in 1994 and has focused on tenant representation, according to the website. Its Hackensack office opened in 2004.Studley completes merger with London-based real estate brokerage
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