UK’s Countrywide and LSL In £460M Merger Talks

Two of Britain’s biggest estate agent groups are in talks over a possible £460 million (US$594.1 million) merger, reported The BBC. 

The boards of Countrywide, which owns the Hamptons International and Bairstow Eves brands, and LSL Property Services, parent company of Your Move and Marsh & Parsons, have begun discussions over a possible all-share deal.

The talks are thought to be in the early stages, although an announcement is expected as soon as this morning confirming that the two parties are exploring a tie-up. The potential combination, first reported by Sky News, would create the UK’s biggest estate agency group, employing 14,000 people in 1,000 outlets.

If the merger talks lead to a deal, it will create a combined group worth about £470m with 14,000 employees.

Countrywide reported losses of £218 million (US$281.6 million) for 2018, compared with a £207 million (US$267.4 million) loss a year earlier, and it stated last year that the uncertainty surrounding Brexit had been hitting business.

Full Content: BBC

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