Los Angeles-based CBRE Group Inc. has closed the acquisition of Norland Managed Services Ltd., a provider of technical engineering services for commercial buildings in the U.K. and Ireland, with a customer base in the U.S. and Singapore.
Norland will be part of CBRE's Global Corporate Services business in Europe, the Middle East and Africa (EMEA), which serves occupiers across the region. The business will continue to be led by Norland's CEO, Ian Entwisle.
Mike Strong, CBRE's CEO of EMEA, says the closing of the acquisition is a "key milestone" in the growth of the company's EMEA business.
As previously announced, CBRE acquired Norland for approximately EUR 265.5 million ($434.3 million) 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 EUR 50.0 million ($81.8 million) in deferred contingent consideration in cash. CBRE financed the acquisition with cash on hand, which totaled more than $500 million as of Sept. 30, and borrowings under its revolving credit facility, which had approximately $1.1 billion available at the end of the third quarter of this year.