E-Mail   |   Comments   |   E-Mail Newsletters   |   RSS

AFX News Limited
BC Partners buys Foxtons in 390 mln stg deal
05.21.07, 11:15 AM ET



LONDON (Thomson Financial) - Private equity firm BC Partners has acquired Foxtons, London's biggest estate agency, in a deal worth 390 mln stg.

The sale includes mortgage adviser Alexander Hall Associates but Foxtons' North American business is not part of the deal.

The firms said they expect to receive regulatory approval within six weeks.

The transaction comes amid early signs the boom in the UK housing market may be slowing. UK mortgage lending started to slow last month following four interest rate rises in less then a year, which has lifted the interest rate to 5.5 pct.

The deal follows six months of negotiations with 3i and other private equity firms that were also vying for control of the company.

Foxtons founder Jon Hunt, who owns more than 95 pct of the firm, will get most of the 390 mln stg.

'I am happy to hand over the reins, knowing that what we have started has a very long way still to go and that all my colleagues at Foxtons will continue to prosper,' Hunt said in a statement.

Foxtons will continue to be run by existing management led by Michael Brown, who will be appointed chief executive when the sale is completed.

r.jones@thomson.com

rj/ms1

COPYRIGHT

Copyright AFX News Limited 2007. All rights reserved.

The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

Neither the Subscriber nor AFX News warrants the completeness or accuracy of the Service or the suitability of the Service as a trading aid and neither accepts any liability for losses howsoever incurred. The content on this site, including news, quotes, data and other information, is provided by AFX News and its third party content providers for your personal information only, and neither AFX News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon.




More On This Topic
Companies: III

Article Controls

E-Mail   |   Comments   |   E-Mail Newsletters

del.icio.us   |   Digg It! Digg It!   |   My Yahoo!   |   RSS


Related Sections
Home > News & Analysis



News Headlines | More From Forbes.com | Special Reports    
Subscriptions >

Subscribe To Newsletters Subscriber Customer Service



  
ADVERTISEMENT
Related Business Topics
Starting A Small Business Small Business Loans

Trading Center
Brought to you by the sponsors below
 
 




CEO Book Club
Book Review
Robert Mads Anderson
Book Review
Armchair Mountaineering
Robert Mads Anderson
A new book from National Geographic brings the Himalaya experience home.