London-listed real estate agency Savills plc completed its $US260 million acquisition of New York-based agency Studley Inc on Monday.
3 days earlier, Studley agreed to sell its 49.06% interest in Paris-based project management business AOS Holding Partners SAS back to its founder, Gilles Betthaeuser (employees own the balance). Savills will keep the $US14 million from that sale and pay for the American business with a combination of cash, new Savills shares & promissory notes.
The enlarged US agency business will be known as Savills Studley, which will have about 25 offices.
AOS Studley’s focus was on project management for tenants in Europe, plus Sao Paulo, Mumbai, Beirut & Casablanca.
Attribution: Company releases & websites.