The New York-headquartered commercial real estate brokerage company with 25 offices around the country, Studley, announced that company shareholders have unanimously approved the proposed merger (announced on May 1, 2014) with London-based Savills plc, one of the world’s leading real estate advisory firms.
The merger was successfully completed on May 30, 2014, and the firm has officially begun operations as Savills Studley in the United States. 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.
“This represents a significant step for both firms and our clients,” said Mitchell S. Steir, Chairman and CEO at Studley. “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.”
The combined company strengthens Studley’s global capabilities in Asia and Europe, while bolstering Savills’ presence in the United States. Going forward, the merged entity will have more than 600 locations worldwide.
Studley’s top 500 U.S. clients have over 9,000 locations within Savills non-U.S. markets, highlighting the tremendous business opportunities for the merged firm.