NEW YORK CITY-In the latest major deal in the M&A arena, C-III Capital Partners LLC has entered into a definitive agreement to acquire NAI Global, reportedly the largest network of independent commercial real estate firms worldwide, the company revealed Wednesday morning.

C-III, led by Andrew L. Farkas, founder, chairman and CEO of Insignia Financial Group, Inc., says NAI Global will continue to operate as a separate company under its current management. With 5,000 employees worldwide, NAI currently manages a network of 350 offices in the US and 55 countries throughout the world.

Following the acquisition, Farkas says C-III plans to use its asset base, along with strategic acquisitions such as NAI, to “create a fully diversified” commercial real estate services company. “This is the strategy that was successful for Insignia,” Farkas says, in a prepared statement. “C-III is led by the same team that built Insignia, and with C-III’s significantly larger asset base, I believe C-III can substantially exceed Insignia’s success.”

While C-III’s portfolio approximates $150 billion in assets, Insignia was one of the largest commercial real estate services companies in the world when it merged with CB Richard Ellis in 2003.

Be sure to check GlobeSt.com for a follow-up about this deal tomorrow.