Connells Agrees to Buy Realtor Countrywide After Bidding War
- Bid of 395 pence per share has been accepted by Countrywide
- Private equity firm Alchemy Partners had also made offers
Traditional real estate brokers such as Countrywide had struggled even before Covid-19 effectively froze the property market earlier this year.
Photographer: Simon Dawson/Bloomberg
This article is for subscribers only.
Connells Ltd. has agreed to buy struggling U.K. realtor Countrywide Plc after prevailing in a bidding war with a private equity firm.
Connells, a privately owned property firm, will pay 395 pence per share in a cash deal that values Countrywide at about 134 million pounds ($183 million), according to a company statement on Thursday. That’s a premium of about 172% over the share price before the offer period began in November. The deal is expected to be completed in the first quarter of next year.