Simpson Thacher is advising CBRE in connection with its planned combination of its Project Management business with Turner & Townsend, its majority-owned subsidiary that provides programme management, cost consultancy and project management services globally.
Upon closing the transaction, CBRE will own 70% of the combined Turner & Townsend/CBRE Project Management business, with Turner & Townsend partners holding the remaining 30%. CBRE acquired a 60% ownership interest in Turner & Townsend in November 2021 and since then, Turner & Townsend has grown revenue at a compound rate of more than 20%.
Turner & Townsend operates across three business segments globally, Real Estate – serving investors and occupiers across all property types, including data centers and life sciences; Infrastructure – notably transport and aviation; and Energy and Natural Resources – including renewable energy, alternative fuels and liquified natural gas.
The transaction is expected to close around year-end, subject to satisfaction of regulatory and other customary conditions and completion of required consultations with employee Works Councils in certain jurisdictions.
The Simpson Thacher team includes Mark Pflug, Tegan Creedy and Steven Jeffries (M&A); Benjamin Rippeon, Sophie Staples, Yash Rupal and Ruoxi Zhang (Tax); Tristan Brown, Harry Hudesman and Allison Sutherland (Executive Compensation and Employee Benefits); Etienne Renaudeau, Kelly Karapetyan, Mark Skerry, Peter Guryan, Michael Kalinin and Ryan Thomas (Regulatory); Nicholas Westbrook, Luqman Meedin and Camilla Gelson-Thomas (Privacy); and Lori Lesser (Intellectual Property).