CBRE Completes Acquisition of U.K FirmThursday, December 26, 2013
CBRE Group Inc. has completed its acquisition of Norland Managed Services, which provides technical engineering services for commercial buildings in the United Kingdom and Ireland.
The Los Angeles real estate services giant said Norland also has a growing customer base in the United States and Singapore, and the deal will enable the company to provide technical engineering services at its clients’ commercial buildings in those markets. CBRE paid the equivalent of $434 million in cash, plus 362,916 shares of CBRE common stock, it said in a Monday press release.
Norland becomes part of CBRE’s Global Corporate Services unit for the Europe- Middle East-Africa region. Chief Executive Ian Entwisle will continue to run the firm.
he deal “will enable us to provide all of the benefits of a fully integrated offering of outsourcing services to clients in EMEA, as we already do in other regions,” Bill Concannon, chief executive for CBRE’s Global Corporate unit, said in a statement
CBRE share on Thursday closed up 5 cents, or less than 1 percent, to $26.25 on the New York Stock Exchange.