MSCI, the global equities and fixed income index provider, has confirmed that it is to buy IPD Group for £78m.
The sale will end 27 years of independence for the property benchmarking firm and provide its 84 staff with a generous windfall.
IPD founders Rupert Nabarro and Ian Cullen will share £26m for their 32% stake, while the staff will on average receive £150,000 each.
Rupert Nabarro, chairman of IPD, said: “We believe this transaction is key to the long-term success of IPD, and it has the wholehearted support of our shareholders and staff.
“Our aim has always been to make IPD a truly global provider of real estate data and analytics, providing trusted benchmarks for the industry and developing real estate as a global asset class.
“MSCI’s acquisition of IPD will help us reach these goals, while maintaining our real estate expertise and the well-established IPD brand.”
IPD had revenues of £29.7m for the year ended December 2011. Lazard was legal adviser to IPD, while Linklaters acted as legal advisers, supported by Addis Law.
The transaction is expected to close in the fourth quarter of 2012.
