CBRE to Buy Trammell Crow

CB Richard Ellis Group Inc., Los Angeles, has announced an agreement to acquire Trammell Crow Co., a Dallas-based commercial real estate services company, in a transaction valued at approximately $2.2 billion.CBRE said it will purchase Trammell Crow for $49.51 per share of common stock in cash and will assume the company's corporate debt as well as the transaction and integration costs. Upon completion of the transaction, CBRE will have combined pro-forma 2006 revenues of approximately $4.4 billion and about 21,000 employees, the company said. "With the acquisition of Insignia in 2003, we achieved pre-eminence in our transaction business," said Brett White, CBRE's president and chief executive officer. "Now the acquisition of Trammell Crow Co. creates the best-in-class corporate outsourcing and institutional property management business, and further augments our transaction business." Trammell Crow's development and investment business will be run as a wholly owned but independently operated subsidiary of CBRE and will retain the Trammell Crow name, CBRE said. The companies can be found online at http://www.cbre.com and http://www.trammellcrow.com.