CBRE Group, Inc.’s Acquisition Of Telford Homes Plc


Simpson Thacher represented CBRE Group Inc. (“CBRE”) in connection with its recommended offer for the entire issued and to be issued share capital of Telford Homes Plc (“Telford Homes”) at 350 pence (US$4.41) per share.

Telford Homes was admitted to trading on AIM, a market of the London Stock Exchange, and is one of London’s largest residential developers. Telford Homes has a development in-process portfolio (total project cost) of £1.32 billion (US$1.66 billion).

The offer valued Telford Homes’ entire share capital at approximately £267.4 million (US$336.9 million). The acquisition is expected to be completed by way of a scheme of arrangement, subject to Telford Homes shareholder approval and the receipt of regulatory clearance.

J.P. Morgan Securities LLC, together with its affiliate, J.P. Morgan Securities plc, which conducted its UK investment banking business as J.P. Morgan Cazenove, acted as financial advisor to CBRE Group, Inc. and Simpson Thacher served as legal advisor to CBRE.

The Simpson Thacher team included Clare Gaskell, Ben Squires, Marie-Eve Nault-Cloutier and Vishaal Patel (Corporate – London); Sinead O’Shea and Harriet Bamford (Credit – London); Brian Steinhardt, Eli Isak and Sheena Shah (Credit – New York); and David Vann, Etienne Renaudeau, Megan Griffith and Alexia Syrmos (Antitrust).

Involved fees earner: Harriet Bamford – Simpson Thacher & Bartlett; Clare Gaskell – Simpson Thacher & Bartlett; Megan Griffith – Simpson Thacher & Bartlett; Eli Isak – Simpson Thacher & Bartlett; Marie-Eve Nault-Cloutier – Simpson Thacher & Bartlett; Sinead O’Shea – Simpson Thacher & Bartlett; Vishaal Patel – Simpson Thacher & Bartlett; Étienne Renaudeau – Simpson Thacher & Bartlett; Sheena Shah – Simpson Thacher & Bartlett; Ben Squires – Simpson Thacher & Bartlett; Brian Steinhardt – Simpson Thacher & Bartlett; Alexia Syrmos – Simpson Thacher & Bartlett; David Vann – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: CBRE;