The agreement will be finalised in the first quarter of 2021, and Countrywide’s lenders will be repaid in full.
Furthermore, the deal will see Countrywide’s 651 branches join the portfolio of Connells Group’s existing 581.
The sale results from Countrywide’s risk of falling into administration, following debts of £91.9m.
David Livesey, group chief executive at Connells, said: “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, the acting chairman of Countrywide, added: “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.”