IN BRIEF: BTG Consulting buys asset manager Hornbeam for GBP4 million
BTG Consulting PLC - Manchester, England-based insolvency and real estate advisor - Says it has acquired property and asset manager Hornbeam CPAM Ltd for up to GBP4.0 million. Hornbeam will be integrated in BTG Eddisons, the real estate advisory branch of the group. The initial consideration is of GBP2.0 million, of which GBP1.65 million in cash and GBP350,000 through the issue of 313,059 new ordinary shares of 5 pence each. Two additional payments of GBP1.0 million each payable in cash are conditional to financial performance in the first two years after the acquisition and profit-enhancing financial performance conditions. BTG says the cash consideration will be met from the group's existing financial resources. Managing Director of BTG Eddisons Anthony Spencer says: "The acquisition expands our property management activities, adds complementary asset management expertise and strengthens our offering to institutional property investors." Read More