» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 128 | NO. 223 | Thursday, November 14, 2013

CBRE to Acquire Norland for $400 Million

AP

Print | Front Page | Email this story | Comments ()

LOS ANGELES (AP) – Real estate investment firm CBRE Group Inc. said Tuesday that it plans to acquire British commercial building engineering firm Norland Managed Services Ltd. in a mostly cash deal worth up to 300 million pounds ($480 million).

The deal will expand the capabilities and geographic reach of CBRE, which is based in Los Angeles.

CBRE said it will pay 250 million pounds for the company, plus up to 50 million pounds in deferred contingent consideration as well as a payment for excess working capital and related items. About 5.6 million pounds of the total will be paid in CBRE stock to Norland senior management.

Norland, founded in London in 1984, provides building technical engineering services to commercial real estate owners and others in the UK and Ireland, as well as some clients in the United States and Singapore.

The company specializes in services for critical environments, such as data centers and trading floors. It has 4,000 employees in 14 offices and serves more than 300 clients. It reported revenue of about 385 million pounds in its last fiscal year.

The deal is expected to close before the end of 2013.

Norland's existing operations will be renamed as CBRE/Norland once the transaction is complete. Ian Entwisle, CEO of Norland, will lead the CBRE/Norland operations as CEO.

CBRE anticipates that the deal will add moderately to its earnings immediately.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 81 217 5,290
MORTGAGES 94 276 6,985
FORECLOSURE NOTICES 22 72 1,628
BUILDING PERMITS 384 712 12,691
BANKRUPTCIES 66 241 5,541
BUSINESS LICENSES 27 85 2,146
UTILITY CONNECTIONS 52 234 7,292
MARRIAGE LICENSES 10 53 1,511

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.