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CBRE Group Inc Announces Definitive Agreement To Acquire Norland Managed Services LTD


Tuesday, 12 Nov 2013 05:00pm EST 

CBRE Group, Inc announced that it has entered into a definitive agreement to acquire Norland Managed Services Ltd (Norland), a provider of commercial building technical engineering services in the United Kingdom (UK) and Ireland, for GBP250 million (approximately $400 million) plus up to GBP50 million (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 GBP5.6 million (approximately $9 million) that is payable in CBRE common stock to Norland senior management. The Norland acquisition is expected to close before year end 2013 and is subject to clearance from the European Commission. BofA Merrill Lynch acted as sole financial advisor to CBRE, and Simpson Thacher & Bartlett LLP acted as CBRE`s legal advisors. 

Company Quote

30.17
-0.2 -0.66%
4:04pm EDT