"This significantly improved offer from Connells allows Countrywide Shareholders to realise their investment in cash at a price that fairly values the opportunities and risks of the business."
Countrywide's shareholders have agreed terms of a recommended cash offer at 395p a share. Connells initially offered 250p a share in early November and later raised the offer to 325p a share.
Connells has now received written confirmation of support for the acquisition from 51.03% of Countrywide shareholders.
The acquisition is expected to complete in the first quarter of 2021.
Countrywide was previously in talks with private equity group Alchemy Partners and LSL Property Services, before entering an agreement with Connells.
David Livesey, Group CEO of Connells, said: "I am delighted that we have reached agreement with the Countrywide Board and major Countrywide shareholders on a recommended acquisition of Countrywide. Our revised offer of 395 pence per Countywide share provides shareholders with a 172 per cent premium to the unaffected price, and has received strong shareholder support including by way of irrevocable undertakings from major Countrywide shareholders. We believe that the acquisition is a great deal for all stakeholders.
"Our primary motivation for the acquisition is to invest in and grow the Countrywide business. We believe that we have the right management team, strategy and investment firepower to work with the talented teams at Countrywide and lead Countrywide into a bright future."
David Watson, acting non-executive chairman of Countrywide, commented: "Following a thorough evaluation of options and extensive consultation with the Company's major shareholders, we have been encouraged by their recognition of the need to put in place a sustainable capital structure and a willingness to support the Company, which is a great business that has been constrained by too much debt.
"This significantly improved offer from Connells allows Countrywide Shareholders to realise their investment in cash at a price that fairly values the opportunities and risks of the business. We are pleased to recommend this offer, which is supported by our major shareholders, and puts the Company on a stronger footing, securing the future of the business, its customers and its employees."
