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The marriage will create what is being touted as the world's largest brokerage firm. Indeed, the numbers are impressive: The deal forges a real estate services company with revenues exceeding $1.8 billion, 16,000 employees in 47 countries, and what spokespeople call "market leadership positions in major business centers," including New York, Los Angeles, Chicago, London, Paris and Hong Kong.

The financing of the deal has been the cause of much speculation. Capital for the buy comes in large part from a cash contribution of up to $145 million from Blum Capital Partners. CB Richard Ellis has also received a commitment from Credit Suisse First Boston for the necessary debt financing. CB Richard Ellis was taken private in July 2001 in an $800 million management buyout transaction led by Blum Capital Partners. According to one deal-watcher, the infusion from CSFB was a way to "double down" on its original investment in CB Richard Ellis, made to bank-roll the firm's move to private status.

Under the terms of the agreement, Insignia chief Andrew Farkas will continue as CEO of the Insignia businesses through the transaction's closing in June. Upon completion of the transaction, Ray Wirta and Brett White, CB's CEO and president (respectively), will continue in their current positions. Insignia chairman Steve Siegel will join CB Richard Ellis as chairman of global brokerage. In Europe, Insignia's Alan Froggatt and Mike Strong will head CB Richard Ellis' European operation.