Will Alsop has agreed to sell his design practice to quoted architect SMC Group for £1.8m.

Alsop agreed the terms with SMC chief executive Stewart McColl less than a week after it emerged that the two were in negotiations.

Alsop will sell his 60% stake in Alsop Design to SMC but he and his team will stay on. Alsop Design's other shareholder, venture capitalist R Capital, has also agreed to sell its 40% stake in the business.

Alsop said: "Joining SMC Group will allow us to continue to apply our creative skills within a successfully structured business environment."

McColl said that the acquisition would add "creative flair, enhanced status and recruitment potential" to SMC.

Under the terms of the deal every full-time member of staff at Alsop will receive £1000 of SMC shares, which have a price of 144.17p.