By Ian Walker and Joe HoppeBelvoir Group and Property Franchise have agreed to an all-share merger, creating a company worth 214.4 million pounds ($272.5 million) and with more than 930 property franchise locations. Under the deal, accepting shareholders of U.K. property-letting company Belvoir will get 0.806377 of a Property Franchise share for each share owned, valuing each share at 277.4 pence and its issued share capital at GBP103.5 million. Upon completion of the deal--expected in the first quarter of 2024--Belvoir shareholders will own 48.25% of the combined group with Property Franchise shareholders owning the rest. The combined company will manage around 152,000 tenanted properties across the U.K. and will be expected to sell more than 28,000 properties a year, the companies said. Belvoir CEO Dorian Gonsalves and CFO Louise George will step down from their roles upon completion, though they will stay with the combined company for a year after to assist with integration.

Source: Wall Street Journal January 10, 2024 23:01 UTC