CBRE Group, Inc. (NYSE:CBRE) signed an agreement to acquire a 60% stake in Turner & Townsend plc for approximately £960 million on July 26, 2021. Consideration will be paid in cash, with 55% to be paid upon closing and the remaining 45% of which shall be paid in two instalments of 25% and 20% on the third anniversary and the fourth anniversary of Completion, respectively. A portion of the overall consideration will be deferred until 2024 and 2025. The purchase is funded with cash on hand and CBRE revolving credit facility. CBRE will consolidate Turner & Townsend's financial results in our Global Workplace Solutions segment upon completion of the transaction. Upon closing the transaction, Clancy and the existing Turner & Townsend management team will continue to run the company on a day-to-day basis. The remaining 40% of Turner will be retained by its management team. Turner & Townsend will be governed by a new Board of Directors, consisting of three CBRE executives Sulentic, Jack Durburg, Global Chief Executive Officer, GWS and Chandra Dhandapani, Chief Transformation Officer and Chief Operating Officer, GWS and three Turner & Townsend executives Clancy, Jeremy Lathom-Sharp, Finance Director and James Dand, Chief Operating Officer.

The transaction is subject to regulatory approvals and other customary closing conditions. Closing is expected in the fourth quarter of this year. The transaction will be immediately accretive to CBRE's earnings. Morgan Stanley & Co. LLC acted as the financial advisor, Mark Pflug, Clare Gaskell, Tristan Brown, Russell Light, Yash Rupal, Lori Lesser, Peter Guryan and Étienne Renaudeau of Simpson Thacher & Bartlett LLP and Dentons US LLP acted as the legal advisors to CBRE Group. Andrew Black of Pinsent Masons acted as the legal advisor and Rothschild & Co. acted as the financial advisor to Turner & Townsend plc.