CBRE buys majority interest in and forms strategic partnership with Turner & Townsend 

CBRE Group has plans to acquire a 60 percent ownership interest in, and enter into a strategic partnership with, Turner & Townsend Holdings, a U.K.-based global leader in program, project and cost management.

CBRE will acquire a 60 percent stake for approximately £960 million ($1.3 billion) in cash, with 55 percent to be paid upon closing. The transaction preserves Turner & Townsend’s existing leadership team, heritage, operational independence and partnership structure, which will hold the remaining 40 percent ownership interest. The transaction values Turner & Townsend at approximately £1.6 billion ($2.2 billion) and is expected to be immediately accretive to CBRE’s earnings.

Turner & Townsend provides program management, cost consultancy, project management and advisory consulting services for clients in 46 countries. It operates across three business segments: real estate (62 percent of net revenue), serving investors and occupiers across all