CB Richard Ellis has agreed to buy Trammell Crow for $49.51 per share in cash for a total of about $2.2 billion.CB Richard Ellis (NYSE: CBG) has agreed to buy Trammell Crow (NYSE: TCC) for $49.51 per share in cash for a total of about $2.2 billion. CB Richard Ellis, based in El Segundo, Calif., and Trammell Crow of Dallas both have large operations in New Jersey.
The combined company will have pro-forma 2006 revenues of $2.2 billion and 21,000 employees worldwide. It would be the first commercial real estate company to qualify for the Fortune 500, according to CB Richard Ellis.
Under the deal, Trammell CrowÂs development and investment division will be a wholly owned subsidiary of CB Richard Ellis and be named Trammel Crow. Robert Sulentic, chairman and CEO of Trammel Crow, will become group president at CB Richard Ellis.
The acquisition, subject to the approval of federal regulators and TrammelÂs shareholders, is expected to close in early 2007 at the latest. The new company plans to sell Trammell CrowÂs 20% interest in Savills, a real estate services company based in the United Kingdom.