CBRE Closes Norland UK Deal

LONDON and LOS ANGELES-CBRE Group has completed the previously-reported acquisition of Norland Managed Services Ltd. Norland is a best-in-class provider of technical engineering services for commercial buildings in the United Kingdom and Ireland, with a growing customer base in the United States and Singapore.

Norland’s market-leading capabilities enable CBRE to self-perform technical engineering services for commercial buildings and to provide its clients with fully-integrated outsourcing services in Europe. Norland also provides CBRE with increased expertise in the management of critical environments, such as data centers and trading floors – a growing market segment requiring specialized knowledge and experience. CBRE acquired Norland for approximately $434 million (£265.5M), paid in cash at closing (which included a payment in respect of an excess working capital adjustment and related items), plus 362,916 shares of CBRE common stock issued at closing. In addition, CBRE may pay up to $81.8 million (£50M) in deferred contingent consideration in cash.