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Article: US private equity firm set to pay GBP 1.05 for Countrywide

Article from:
The Scotsman
Article date:
April 14, 2007
Author:
Copyright

COUNTRYWIDE, the UK's biggest chain of estate agents, looks set to be sold to Apollo - an American private equity group - for GBP 1.05 billion.

The sale would include 27 Slater Hogg & Howison and 14 Countrywide North estate agency branches in Scotland, as well as Harvey Donaldson surveyors in Glasgow.

Countrywide has a total of 1,179 estate agency branches across the UK, under several brand names.

At an extraordinary general meeting yesterday, Countrywide shareholders approved the Apollo offer. This had been increased by GBP 400 million from a previous bid in an attempt fend off a rival approach.

Reports suggested fellow private equity firm 3i had made an offer earlier this week - a move ...

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