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HomeServices of America buys Intero Real Estate Services, Intero Franchise.

MANews-(C)2009-2014

14 May 2014 - US real estate brokerage HomeServices of America Inc, an affiliate of Berkshire Hathaway Inc (NYSE:BRK.A), said it had bought California-based peer Intero Real Estate Services Inc and its affiliated franchise network Intero Franchise Services.

Financial details were not provided.

The acquisition is consistent with HomeServices' plan to buy companies in top markets that share its main values, CEO Ron Peltier said in a statement. The transaction expands HomeServices' footprint in California. Following the deal, the company has over 23,000 real estate professionals operating in 25 states, it added.

Intero, founded in 2002, operates through 13 offices across the San Mateo, Santa Clara and San Benito counties, serving the northern California market. The Intero franchise network, with about 50 affiliates located in Alabama, Arizona, California, Colorado, Nevada, Tennessee and Texas, generated sales volume of over USD1.5bn (EUR1.1bn) in 2013, according to the buyer's statement.

Intero Real Estate Services and the Intero Franchise will maintain their brand names.

Country: USA

Sector: Construction/Real Estate

Target: Intero Franchise Services, Intero Real Estate Services Inc

Buyer: Berkshire Hathaway Inc , HomeServices of America Inc

Type: Corporate acquisition

Status: Closed

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Article Details
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Publication:M & A Navigator
Geographic Code:1U9CA
Date:May 14, 2014
Words:195
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