Oaktree set to slot Countrywide into FTSE 250 with top price tag

Michael Bow
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OAKTREE Capital Management, the buyout group, is set to float the UK’s biggest estate agent Countrywide at the upper end of its price range next week after a surge in investor demand over the last few days.

The current price, which is still in flux, values the company at between £675m and £750m, a person familiar with the placing said, when the initial public offering takes place “sometime next week”. This would put Countryside, led by boss Grenville Turner comfortably within the FTSE 250.

Oaktree, which appointed Goldman Sachs, Jefferies and Credit Suisse to build the book, hopes to raise £200m from the share issue to pay back some of its £250m mountain of debt.

The float would be a further boost to London’s thawing equity markets.