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CBRE Group to Merge its Project Management Business

CBRE Group, Inc. (NYSE: CBRE) recently announced its plan to combine its Project Management business with Turner & Townsend. Subject to satisfaction of regulatory and other customary conditions, as well as completion of required consultations with employee Works Councils in certain jurisdictions, the transaction is expected to close at the end of 2024. The integration of these two businesses is anticipated to yield net synergies, resulting in an incremental run-rate core earnings per share of approximately 15 cents by the end of 2027. This amount is expected to increase over time. The cost of incremental investment in Turner & Townsend/CBRE Project Management is approximately $70 million, excluding deal costs. In November 2021, CBRE acquired a 60% ownership interest in Turner & Townsend. Since the acquisition, Turner & Townsend has achieved a compounded revenue growth rate of more than 20%. Turner & Townsend offers program management, cost consultancy and project management services around the world. ...