From the AFR:
Leading real estate agent John McGrath has agreed to buy his largest franchisee, the 10 Sydney offices controlled by Shane Smollen, in a move that helps clears the way for a float of the McGrath business.
Price has not been disclosed but would be over $10 million. The Smollen operation, with offices from the Northern Beaches through the North Shore and the Northern Suburbs to Castle Hill, is a major real estate operation in its own right.
And just as vulnerable to the coming bust.