Simpson Thacher is representing CBRE Group, Inc. in 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).
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, 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). Summer Associate Mohammed Jagana provided valuable assistance.