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.
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