- Deal worth A$1.81 billion
- A strategic partnership will also be formed
- Turner & Townsend have expertise in environmental sustainability
CBRE and Turner & Townsend announced a definitive agreement whereby CBRE will acquire 60% of the project management, cost consultancy, and advisory business.
The two companies will also enter a strategic partnership, CBRE president and chief executive, Bob Sulentic, said: “This is a transformational transaction for our project management business in terms of both breadth and scale of capabilities.”
“We see sizable secular growth opportunities in project management, which are being propelled by rising public and private infrastructure investment and the drive to a low-carbon global economy. Turner & Townsend is by far the best firm to help us realize our ambitions for this business.”
Mr Sulentic, President, CBRE
Upon closing the transaction, Mr Clancy and the existing Turner & Townsend management team will continue to run the company on a day-to-day basis, and all its services will continue to be delivered under the Turner & Townsend brand.
Turner & Townsend will be governed by a new Board of Directors, consisting of three CBRE executives – Mr. Sulentic, Jack Durburg, Global CEO, GWS, and Chandra Dhandapani, Chief Transformation Officer and COO, GWS, and three Turner & Townsend executives – Mr. Clancy, Jeremy Lathom-Sharp, Finance Director, and James Dand, Chief Operating Officer.
The deal is worth circa £960 million (A$1.81 billion) in cash, with 55% of that to be paid upon closing.