The merger of two of the largest names in the lettings industry has passed its final hurdle.

Belvoir shareholders have now backed the agency’s merger with The Property Franchise Group; TPFG investors did the same thing last week. 

The deal values each Belvoir share at approximately 277.4p, comprising an equity value of Belvoir’s entire issued ordinary share capital of approximately £103.5m and TPFG’s entire issued ordinary share capital at £111m.

Belvoir shares will be suspended on March 7 and new TPFG shares will be issued the following day, March 8.

The combined group will have a market capitalisation of some £214m and more than 930 property franchise locations, managing approximately 152,000 tenanted properties across the UK and will be expected to sell more than 28,000 properties in a typical year.