CBRE Group has announced a definitive agreement to acquire 60% ownership interest in Turner & Townsend Holdings Limited, a United Kingdom-based company providing services in program, project and cost management.

CBRE will acquire a 60% stake for approximately GBP960 million (US$1.33 billion) in cash, with 55% 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% ownership interest. 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, Infrastructure and Natural Resources. 

Morgan Stanley & Co. LLC is acting as financial advisor and Simpson Thacher & Bartlett LLP and Dentons are acting as legal advisors to CBRE. Rothschild & Co is acting as financial advisor and Pinsent Masons LLP as legal advisor to Turner & Townsend.