Commercial property consultancy GVA, which has a Leeds office, has named £7bn turnover global engineering and services group Bilfinger as its favoured strategic merger partner.
A memorandum of understanding has been agreed between GVA and Bilfinger and exchange of contracts and completion is expected before the end of June.
It is hoped the deal, which is subject to legalities and a shareholder vote, will boost its drive for growth and strengthen its ambitions to compete on the world stage.
The transaction, reportedly worth £150m, will involve a transfer of GVA’s existing shares to give Bilfinger Real Estate 100 per cent ownership.
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