CBRE Group To Acquire Norland Managed Services - Quick Facts

(RTTNews) - CBRE Group, Inc. (CBG) Tuesday announced agreement to acquire Norland Managed Services Ltd, a provider of commercial building technical engineering services in the U.K. and Ireland, for 250 million pounds, or approximately $400 million.

CBRE will also consider up to 50 million pounds, or approximately $80 million of deferred contingent consideration as well as a payment for excess working capital and related items.

The purchase price is payable in cash, except for 5.6 million pounds, which is payable in CBRE common stock to Norland senior management.

"This transaction will significantly enhance our service offering, enable us to provide an integrated suite of outsourcing services and deepen our relationships with global and multi-national occupiers, " said Bill Concannon, CEO of CBRE.

Following the closing of the transaction, Norland's existing operations will operate as CBRE Norland. Norland serves a blue-chip roster of clients, many of which are also served by CBRE. Norland will provide services on a number of CBRE-managed accounts, including Bank of America Merrill Lynch and State Street Corp.