BNP Paribas SA shared plans to merge the U.K. subsidiary of its real estate arm with property services group Strutt & Parker, targeting a combined annual revenue of £165 million, Reuters reported July 31, citing company officials.
The two companies released no financial details regarding the merger, which is slated to close in September.
Reuters quoted a BNP Paribas Real Estate spokeswoman as saying that the acquisition of Strutt & Parker will result in a combined total of 1,500 employees; an increase from the current 500 staff at its U.K. unit.
BNP Paribas views the merger as a means to initiate a new service offering for the subsidiary, the news source said., citing the company.
Meanwhile, the property group faced a year-over-year decline in revenue to £107.7 million from £111.3 million during the year ended April 30, 2016. Its business operations are conducted from 60 offices across Britain.