Healey & Baker (H&B) today signed a £70m merger deal with US property consultancy Cushman & Wakefield (C&W) to create a global business.
The two firms have already worked together for eight years through a joint venture under the umbrella of Cushman & Wakefield Worldwide.
Under the terms of the merger, C&W becomes the controlling partner at H&B and will provide capital to expand the business. But the firm will remain as a partnership in its own name with responsibility for business throughout Europe and in the Middle East.
The current H&B board will continue to manage and run the business under the chairmanship of the Senior Partner, Paul Orchard-Lisle. Arthur Mirante, president and chief executive officer of C&W, and John Coppedge, C&W’s executive managing director (international services) will join H&B’s board. Orchard-Lisle and John Travers, H&B’s deputy senior partner, will become members of C&W’s board of directors and its executive committee.
H&B was established in 1820 and now has 750 staff with 22 wholly-owned offices in 14 countries in Europe and the Middle East. H&B is represented in another 26 countries across the world through associates.
C&W, founded in 1917, employs 5,500 staff in 45 US cities and is 80% owned by the Rockefeller Group Inc, which is 100% owned by Mitsubishi Estate Company.
EGi News 15/09/98
