IN BRIEF: Savills completes Eastdil Secured acquisition

Savills PLC - London-based real estate services provider - Says it completed the acquisition of global real estate investment bank Eastdil Secured Holdings LLC on Friday. Says it funded the deal through debt and through issuing 27.7 million new shares, representing approximately 16% of its enlarged share capital, to the ultimate holders of equity interests in Eastdil Secured. These are subject to lock-up provisions. Savills adds that it will provide further details on the acquisition when it announces its first-half results on August 13.

Announcing the deal in March, Savills said it has an enterprise value of around £827 million, and that it would pay £411 million cash on completion alongside the share issue. Savills also said it expected the deal to deliver low-to-mid teens accretion in underlying earnings per share in 2027, and for the enlarged group to generate an attractive high teens return on capital employed by 2028.

Current stock price: 937.00 pence, up 1.9% on Monday afternoon in London

12-month change: down 3.0%

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