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CBRE to acquire 60% of T&T in one of the biggest billion-dollar acquisitions

Atria One T&T
This is one of the biggest acquisitions ever made by CBRE, as they prepare for growing interest in alternative energy and infrastructure.

Global real estate and investment firm CBRE Group will be acquiring a 60% stake in multinational real estate consultancy Turner & Townsend (T&T), the two companies recently announced. 

Under the deal, CBRE will be paying USD 1.3 billion in cash for the majority stake, with 55% payable upon closing. Closing is expected to take place in Q4 this year.

In addition, CBRE will also be entering into a strategic partnership with T&T. The partnership would involve scaling T&T’s business in the Americas.

The deal values T&T at USD 2.2 billion immediately accretive to CBRE’s earnings. Moreover, T&T’s management, operational independence and partnership structure (who will own the remaining 40%) will remain in place, a statement said.

Morgan Stanley acted as the financial advisor to CBRE for the deal, along with Simpson Thacher & Bartlett, and Dentons as legal advisors. Meanwhile, Rothschild & Co was the acting financial advisor and Pinsent Masons took over as legal advisor to T&T.


T&T reported a net revenue of USD 923 million for the year ended April 2021. Its adjusted EBITDA stood at USD 172 million. The company’s financial results will be consolidated under CBRE’s Global Workplace Solutions (GWS) business.

T&T’s new board includes CBRE President and CEO Bob Sulentic, Global CEO, GWS, Jack Durburg, and CTO and COO, GWS, Chandra Dhandapani. Additionally, T&T executives Finance Director Jeremy Lathom-Sharp, COO James Dand, and Chairman and CEO Vincent Clancy will remain on the board.

“This is a transformational transaction for our project management business in terms of both breadth and scale of capabilities,” Sulentic said. “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.

Further, T&T would continue to “offer independent advice, solutions and program level thinking” across its three key verticals of real estate, infrastructure and natural resources, Clancy said.

The deal is one of the largest ever acquisitions by CBRE, The Wall Street Journal reported. Both companies are one of the most substantial players in their fields. The report suggested that CBRE agreed to the deal expecting a future wave of investments in alternative energy and infrastructure.

Meanwhile, T&T was already looking to expand into the alternative energy business when talks of a deal began with CBRE.

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