Savills & Aguirre Newman Will Sign Their Merger In November
5 September 2017 – Eje Prime
A month after closing the most important corporate transaction in the real estate sector so far this year, the details of Savills Aguirre Newman are starting to be revealed. Sources close to both companies have explained that the merger will be definitively sealed in November, which is also when the organisational chart of the newly created company will be redrawn.
Whilst to date, Savills and Aguirre Newman have continued to operate independently, “they will start to manage their businesses in Spain together from 2018 onwards”, according to both companies. “For the time being, there is a willingness on the part of Savills to buy and on the part of Aguirre Newman to sell, however, the formal signing of the sale and purchase has not been carried out yet”, explain sources at both groups. The formal agreements will be signed in November, at the latest.
Moreover, the new company’s plans include looking for new offices for its teams in Madrid and Barcelona. Whilst sources in the Catalan capital indicate that it is very likely (albeit not definitive) that the Savills employees located there will move to Aguirre Newman’s offices on La Diagonal in Barcelona; in Madrid, it is almost certain that a new office will be leased to house the employees of both companies. “All of the options are being considered, including the existing headquarters of Aguirre Newman and Savills in Madrid and Barcelona”, say sources close to the operation.
Another issue that has been left up in the air with Savills’ purchase of Aguirre Newman is the duplication of the entire workforce of both companies. For the time being, according to the same sources, “Savills’ intention is to hold onto all of the employees, although it is already clear that many of the directors will leave the company voluntarily”.
The Presidents of Aguirre Newman, Santiago Aguirre and Stephen Newman, and the President of Savills España, Rafael Merry del Val, will be appointed to the merged company’s Board of Directors, with the following roles: Santiago Aguirre, President of the Board; Stephen Newman and Rafael Merry del Val, Executive Co-Vice-presidents (…).
At the end of July, Savills and Aguirre Newman announced that the purchase would be carried out for approximately €67 million. With this acquisition, the British company will multiply its size in Spain seven-fold, increasing its workforce from 70 professionals to around 500 (…).
Another issue on the table is the internationalisation of Aguirre Newman following its purchase by Savills. Until now, the international presence of Aguirre Newman has been sustained thanks to an agreement with the network of consultancy firms GVA. However, that partnership may well be cancelled once the purchase of the Spanish real estate consultancy by the British stalwart has materialised (…).
Original story: Eje Prime (by C. Pareja)
Translation: Carmel Drake