PraxisIFM Group and Oak Group have announced that negotiations are under way to combine their global businesses.
Heads of terms have been entered into, which enable both companies to start formal negotiations.
The combined group, whose name has yet to be announced, would have offices in 17 jurisdictions and a headcount of more than 700.
On completion of the deal, senior leaders from both businesses – including PraxisIFM CEO Robert Fearis and Oak CEO Stuart Platt-Ransom – will form the new combined management team and be headquartered in Guernsey.
Established in 2019, Oak Group includes the consolidated businesses of Oak Trust Group, Consortia Partnership, Kreston IOM and International Administration Group. Founded in 1972, PraxisIFM listed on TISE in 2017 and has since acquired Nerine Group and Jeffcote Donnison.
The proposed deal is subject to negotiation, due diligence, regulatory and shareholder approvals.
Pictured: Stuart Platt-Ransom (left) and Robert Fearis