Hunter becomes the hunted: property firm sold to TPFG for £24m
The merger will boost the number of branches to manage over 70,000 properties across the UK
Real estate firm Hunters agreed this morning to a takeover by The Property Franchise Group (TPFG) to create an enlarged franchised estate agent with just over 400 branches.
TPFG is set to acquire Hunters for £24m after the approval of the firm’s founder, chairman and MP Kevin Hollinrake. The acquisition should allow for cost synergies for both the enlarged group and its franchisees.
With a premium of 28 per cent on Hunters’ closing price of 58.5p per share at the beginning of December, the deal boosts the share value to 74.9p, leaving the share capital of Hunters at approximately £25.2m.