Savills PLC Acquisition (4554M)
July 28 2017 - 7:20AM
UK Regulatory
TIDMSVS
RNS Number : 4554M
Savills PLC
28 July 2017
SAVILLS ACQUISITION OF AGUIRRE NEWMAN
Further building the scale of Savills European real estate
services business
Savills plc, one of the world's leading real estate advisory
firms, announces the proposed acquisition of Aguirre Newman S.A.
("Aguirre Newman"), the leading Spanish independent real estate
advisory business, for up to EUR67 million payable in instalments
over five years from completion. The acquisition is scheduled to
complete by 30(th) November 2017 following satisfaction of
customary regulatory and closing conditions.
Aguirre Newman was founded in 1988. The business employs more
than 400 staff and is headquartered in Madrid, with offices in
Barcelona, Malaga, Lisbon and Porto (Portugal). The firm provides
agency, investment, management, architectural, consultancy,
valuation, planning, corporate finance and asset management
services.
The businesses of Aguirre Newman and Savills in Spain will be
integrated with Savills existing Spanish business employing 70
people in offices in Madrid and Barcelona, and will initially
operate in Spain under the Savills Aguirre Newman brand. The
principals of Aguirre Newman, Santiago Aguirre and Stephen Newman,
and the Head of Savills Spain, Rafael Merry del Val, will be
appointed to the Board of the combined businesses.
Commenting on the acquisition, Jeremy Helsby, Savills CEO, said:
"The acquisition of Aguirre Newman combined with our existing
Spanish business provides us with a significant footprint in Spain,
a market where we see exciting long term growth opportunities. It
follows Savills strategy to develop multi-service offerings and
expand our presence in key Continental European markets."
For the year ended 31 December 2016, the gross turnover of the
continuing operations of Aguirre Newman was EUR69 million.
The purchase consideration will be funded from Savills cash and
existing banking facilities. On completion, Savills will pay EUR42
million. Deferred consideration of up to EUR5 million is payable on
each anniversary of completion for the next five years totalling
EUR25 million.
For further information please contact:
Savills
Jeremy Helsby, Chief Executive Officer, Tel: +44 20 7409 8934
Simon Shaw, Chief Financial Officer
Tulchan Communications Tel: +44 20 7353 4200
Peter Hewer
This information is provided by RNS
The company news service from the London Stock Exchange
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