Knight Frank, Bayleys complete McGrath acquisition
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The news: Global real estate agency Knight Frank, along with New Zealand’s Bayleys has completed the acquisition of McGrath, with the local agency’s shares delisted from the ASX.
The numbers: The companies jointly announced the scheme of arrangement was completed on 27 June, with McGrath shares suspended from the ASX on 18 June.
McGraths board had earlier backed the 60 cents a share offer in cash from the two suitors announced in March.
The context: The Australian company’s new board will comprises of founder and CEO John McGrath, Knight Frank Australia CEO James Patterson, Knight Frank global head of residential Rupert Dawes, Bayleys managing director Mike Bayley and Bayleys finance director Ken MacRae.
John McGrath will retain his existing 23.3% stake. The company’s shares had struggled since its 2015 listing amid a volatile property market and numerous management changes.
The source: Knight Frank
