International real estate advisor Savills has acquired US independent commercial real estate services firm Studley Inc.

The move follows news that on 29 May, Studley agreed to sell its 49.06% interest in AOS Partners Holdings SAS, the French EMEA-focussed project management business, to the founding shareholder of AOS Studley. The consideration payable by Savills for Studley is up to $260m (£155m).

The newly combined US business will be re-branded Savills Studley.

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Jeremy Helsby, CEO of Savills Plc, comments: "We are delighted to complete this acquisition of Studley and are looking forward to growing the combined business in the US. This deal brings the top US tenant representation brokerage brand into the Savills Group and complements our existing leading positions in the European and Asian markets. We are now well placed to provide exceptional service to clients in the world's key locations."

Mitchell S. Steir, Chairman and CEO of Savills Studley, adds: "This represents a significant step for both firms and our clients. As we join forces with the team at Savills, we are thrilled that we will have a stronger platform to continue our growth with a partner that shares our commitment to superior client service."

(IT)