Studley shareholders approve merger with Savills
- June 2, 2014
Studley, a New York-headquartered commercial real estate brokerage company with offices in Tysons and Washington, D.C., said Monday that company shareholders have unanimously approved the proposed merger (announced on May 1) with London-based Savills plc, a real estate advisory firm.
The merger was successfully completed on May 30, and the firm has begun operations as Savills Studley in the U.S. Under the terms of the merger agreement, Savills will pay up to $260 million for Studley, which will be satisfied through a combination of cash, new Savills shares and promissory notes.
Firm officials said the combined company strengthens Studley’s global capabilities in Asia and Europe, while bolstering Savills’ presence in the U.S. Going forward, the merged entity will have more than 600 locations worldwide.
“This represents a significant step for both firms and our clients,” Mitchell S. Steir, chairman and CEO at Studley, said in a statement. “As we join forces with the team at Savills, we are thrilled that we will have a stronger platform to continue our growth with a partner that shares our commitment to superior client service.”
Studley’s top 500 U.S. clients have more than 9,000 locations within Savills non-U.S. markets, highlighting the business opportunities for the merged firm.
“This deal brings the leading U.S. tenant representation brokerage brand into the Savills Group and complements our existing leading positions in the European and Asian markets,” Jeremy Helsby, group chief executive of Savills, said in a statement. “We are now well placed to provide exceptional service to clients in the world’s key locations.”
Founded in 1954 and based in New York City, Studley employs more 400 brokers and 175 support staff in 25 offices across the U.S. Since successfully completing a management-led buyout in 2002, the firm has been owned by its 139 partners. As part of Savills, Savills Studley will have access to more than 27,000 employees with operations and resources in 60 countries around the world.
Shares of Savills common stock will continue to trade under the existing ticker symbol “SVS” on the London Stock Exchange.