Liberum acts as Corporate Broker to Connells Limited, a subsidiary of Skipton Building Society, on its £134 million public takeover of Countrywide PLC
Liberum is pleased to announce that it has acted as Corporate Broker to Connells, the largest estate agency network in the UK with over 1,200 high street branches nationwide and 84 well-known and trusted local estate agency brands, on its acquisition of Countrywide PLC, the UK’s largest property services group.
The acquisition of Countrywide by Connells brings together two highly complementary businesses whilst providing long term financial stability for Countrywide, enhanced by the security and resilience provided by Connells’ parent organisation, Skipton Building Society.
The recommended cash offer price of 395 pence per share was a 172% premium to Countrywide’s unaffected share price and valued Countrywide at £134 million.
Liberum advised Connells by providing valuable market insight, assisting in obtaining investor support for over 51% of Countrywide’s shares on announcement through irrevocable undertakings and letters of intent, and subsequently making targeted share acquisitions which helped Connells to successfully acquire Countrywide against a possible competing offer.
Board – David Parsons
Investment Banking – Richard Crawley, Jamie Richards, James Greenwood, Chris Whitaker
Sales – Matt Randall