JULY ISSUE: The Quarter-Billion-Dollar Merger
- Jul 23, 2014
Sixty years after its establishment as a tenant-focused brokerage firm, and a dozen more after its management-led buyout, Studley has gone global, merging with London-based Savills PLC, a leading international player in commercial real estate occupier representation. With the $260 million merger closed, the companies are now one, operating in the U.S. as New York-headquartered Savills Studley.
The merger agreement called for Savills to purchase Studley in a deal involving cash, 6.1 million new Savills ordinary shares valued at as much as $65 million and promissory notes with a face value of as much as $130 million.
The reasons for the union were simple: “Organizations are increasingly approaching real estate as a global activity,” Mitchell Steir, chairman & CEO at Savills Studley, told CPE. “We’ve had increasing demand from our domestic clientele for assistance in Asia and other key markets. The strategic combination of Savills and Studley allows us to better serve our clients’ needs and build new relationships around the world.”
Read the full article in the July 2014 issue of CPE. Access is free!