CBRE to combine Project Management with Turner & Townsend, will own 70% of combined entity

CBRE GROUP, INC.

CBRE will own 70% of the combined Turner & Townsend/CBRE Project Management business; T&T partners own 30%.
Combined net revenue ~$3B in 2023, with ~15% net profit margin and double-digit revenue growth since 2021.
Expected incremental run-rate core EPS of ~$0.15 by end of 2027 from synergies; cost of transaction ~$70M.
Transaction expected to close around year-end 2024, subject to regulatory approvals and Works Council consultations.
Beginning in 2025, CBRE will report Project Management results as a separate segment; Vince Clancy to lead and join CBRE Board.

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