Studley and Savills to Merge in $260M Deal
- May 01, 2014
Mike Ratliff, Senior Associate Editor
Industry predictions for an increase of M&As in 2014 have received a big piece of supporting evidence now that the rumored Studley and Savills merger has been made official. London-based Savills plc will pay $260 million for Studley, which currently operates 25 offices across the U.S. The merger is expected to close by the end of May, and Studley’s operations in the U.S. will be renamed Savills Studley.
At this point you might be wondering what this means for the top posts at Studley. Chairman & CEO Mitchell Steir will continue to hold those same titles for Savills Studley, as will president Michael Colacino. The pair will also share a seat on the Savills Group executive board.
In a prepared statement, Steir said that the merger is “a great opportunity for us to build on our strong position in the market and benefit from being part of one of the leading global brands in the industry.” He added that the strategy will specifically enable Studley to capitalize on cross border opportunities in both Europe and Asia.
When all is said and done, the merged entity will have more than 500 locations worldwide, and Savills will have a big presence in the U.S. The high-performing tenant representation program that Studley is known for will be augmented with an expanded capital markets business when existing Savills U.S. capital markets teams move into Studley’s New York, Washington, D.C. and Los Angeles offices.
Savills was established in 1855 and is headed up by Jeremy Helsby, who holds the title of group chief executive. While the publically listed (LSE:SVS) company was already a well-established leader in commercial real estate services in Europe, Asia Pacific, Africa and the Middle East, new access to the U.S. allows the firm to “provide a truly global service,” Helsby said, also in a prepared statement.
Be sure to check back in tomorrow for more details on this merger.