CBRE’s Acquisition of 60% Interest in Turner & Townsend

Simpson Thacher advised CBRE Group, Inc. on the deal. Pinsent Masons assisted Turner & Townsend Partners LLP.

CBRE Group, Inc. has announced its acquisition of a 60% interest in, and entry into a strategic partnership with, Turner & Townsend, a United Kingdom-based global leader in program, project and cost management, for approximately £960 million ($1.3 billion) in cash, with 55% to be paid upon closing. The transaction values Turner & Townsend at approximately £1.6 billion ($2.2 billion).

Completion is expected to take place in the third quarter of 2021, subject to antitrust and foreign direct investment approvals in multiple jurisdictions.

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 – serving investors and occupiers across all property types, including data centers and life-science properties; Infrastructure – notably, transportation, environmental and power generation projects; and Natural Resources – renewable energy, alternative fuels, liquefied natural gas and other projects.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue) and offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services; and development services.

The Simpson Thacher team includes Mark Pflug (Picture), Clare Gaskell, Hamesh Khatkar and Abigail Lloyd (M&A); Tristan Brown, Allison Sutherland and Guanxiong Xu (Executive Compensation and Employee Benefits); Russell Light, Yash Rupal and Ellie Verran (Tax); Lori Lesser, Melanie Jolson and Bobbie Burrows (Intellectual Property and Privacy); and Peter Guryan, Étienne Renaudeau, Max Fischer-Zernin (Antitrust).

The Pinsent Masons team acting on the transaction was led by partners Andrew Black, Amie Norris and Andrew Senior and made up of colleagues across the United Kingdom, Europe and Australia.

Involved fees earner: Andrew Black – Pinsent Masons; Amie Norris – Pinsent Masons; Andrew Senior – Pinsent Masons; Tristan Brown – Simpson Thacher & Bartlett; Bobbie Burrows – Simpson Thacher & Bartlett; Maxime Fischer-Zernin – Simpson Thacher & Bartlett; Clare Gaskell – Simpson Thacher & Bartlett; Peter Guryan – Simpson Thacher & Bartlett; Melanie Jolson – Simpson Thacher & Bartlett; Hamesh Khatkar – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; Russell Light – Simpson Thacher & Bartlett; Abigail Lloyd – Simpson Thacher & Bartlett; Mark Pflug – Simpson Thacher & Bartlett; Étienne Renaudeau – Simpson Thacher & Bartlett; Yash Rupal – Simpson Thacher & Bartlett; Allison Sutherland – Simpson Thacher & Bartlett; Ellie Verran – Simpson Thacher & Bartlett; Guanxiong Xu – Simpson Thacher & Bartlett;

Law Firms: Pinsent Masons; Simpson Thacher & Bartlett;

Clients: CBRE; Turner & Townsend Partners LLP;

Author: Sonia Carcano