The Property Franchise Group PLC (TPFG) reached an agreement to acquire Belvoir Group PLC for c. €117m on January 10, 2024.
The Merger is expected to become Effective during the first quarter of 2024.
Paul Latham, Non-Executive Chairman of TPFG, said: “I am delighted to confirm that we have reached an agreement with the Belvoir Board and major Belvoir Shareholders on the Merger with Belvoir. We believe that the Merger represents a compelling opportunity for all shareholders. Belvoir brings further breadth through its nationwide network and financial services business which will be complementary to our current offering. The Merger will enable us to continue to grow in the sector and, ultimately, deliver greater value to shareholders of the Combined Group.”
Jon Di-Stefano, Non-Executive Chairman of Belvoir, said: “The merger of Belvoir and TPFG combines two businesses with much in common, each supporting a network of entrepreneurial franchises, and will create one of the UK’s largest multi-brand lettings and estate agency groups combined with a growing financial services business. With their complementary geographic footprints providing both scale and diversification across a variety of high street and hybrid brands combined with high levels of recurring revenue, we feel sure that the Combined Group will provide a robust platform from which to grow.”
Canaccord Genuity Limited and Osborne Clarke LLP are acting as advisors to TPFG. Cavendish Capital Markets Limited and Addleshaw Goddard LLP are acting as legal advisors to Belvoir.
Image source - Pexels.
