Countrywide shareholders have approved the sale of its commercial property consultancy Lambert Smith Hampton (LSH) for £38m.
The company has been acquired by Monaco-based international property entrepreneur John Bengt Moeller with the sale receiving 99.7% approval following a shareholders meeting that was held on 27 December 2019.
The news comes after Countryside labelled the UK commercial real estate consultancy and transactional business as “non-core”.
At the time the group said the consideration represents a “fair valuation” for Lambert Smith Hampton, representing a multiple of 6x Lambert Smith Hampton’s Adjusted EBITDA. It added the deal would “significantly improve” Countrywide’s capital structure allowing the company to materially reduce its net debt.
Commenting when the deal was announced, Ezra Nahome, CEO, at LSH said: “We have had a great six-year journey being part of the Countrywide Group Plc, and we are excited to enter 2020 with our new owner, who is fully behind our long-term vision and strategy.
“We look forward to driving disruption in our sector through the use of technology, innovation and data.”