The combined group will have 400 branches, managing more than 70,000 tenanted properties
Listed estate agency business Hunters Property has reached an a agreement on a £24.2m acquisition by counterpart The Property Franchise Group (TPFG).
Following an initial approach last year, the company have agreed terms of a recommended cash and share offer which values each Hunters share at 72 pence and its issued share capital at about £24.2m.
The Hunters directors also intend to declare a special interim dividend of 2.7 pence per share for the year ended 31 December 2020.
Hunters Property, headquartered in York, is a franchised sales and lettings agency business with a network of 209 branches across the UK as of 31 August 2020.
TPFG has its head office in Bournemouth and operates across the UK through the Martin & Co, EweMove, CJ Hole, Ellis & Co, Parkers and Whitegates brands.
Following completion of the deal, combined group will have 400 physical branches, managing more than 70,000 tenanted properties and selling more than 20,000 properties per annum.
Glynis Frew, chief executive of Hunters, is set to join the enlarged group as an executive director of The Property Franchise Group, while Ed Jones will become group finance director and company secretary. Gareth Samples will remain as the TPFG chief executive and David Raggett as chief financial officer.
Richard Martin, TPFG chairman, said: I am delighted to confirm that we have reached an agreement with the Hunters board and major Hunters shareholders on the recommended acquisition of Hunters. We believe that the acquisition represents a compelling opportunity for all shareholders.
Hunters, with its reputable brand, experienced management team, trusted franchisees and strength in residential sales, is complementary to our current offering. The acquisition will enable us to continue to grow in the sector and, ultimately, deliver greater value to shareholders, he said.
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