Connells has acquired Schroder’s stake in Countrywide days after agreeing a recommended offer for the troubled estate agency group.
The rival agency has taken a 5.85% stake, bringing its total interest to 52.3% of the company.
The move means Connells now has irrevocable support for its £223m takeover bid for Countrywide.
At the end of December, the company upped its offer for the Lambert Smith Hampton owner to 395p per share, a 172% premium to its November share price. which was supported by the board.
Countrywide had been exploring a number of options to shore up the business, including selling a majority stake in the firm to Alchemy Partners for £90m – a proposal opposed by several shareholders, and selling off its commercial real estate advisory business LSH. A planned £38m disposal to John Bengt Moeller collapsed early in 2020.
As part of the deal, all of Countrywide’s lenders will be repaid in full and Connells said it would provide additional investment in Countrywide’s technology, branch network and people, “stabilising and enhancing Countrywide’s business”.
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