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CORRECTED-British property consultancy Savills to buy US firm for $260 mln
May 1, 2014 / 11:26 AM / in 3 years

CORRECTED-British property consultancy Savills to buy US firm for $260 mln

1 Min Read

(Corrects paragraph 2 to ...initial consideration..., not ...initial cash consideration...)

May 1 (Reuters) - British property consultant Savills Plc said it would buy U.S.-based commercial real estate services firm Studley Inc for up to $260 million to expand in North America.

The London-listed company said it would pay an initial consideration of up to $130 million.

The deal, expected to close by May 30, would be paid out in cash, promissory notes and Savills shares in installments between completion and May 31 2017.

Savills said the deal for the company specialising in tenant representation would add to its underlying earnings per share in the first year. (Reporting by Esha Vaish in Bangalore; Editing by Joyjeet Das)

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