CBRE Group Closes Acquisition Of Norland

(RTTNews) - CBRE Group,Inc. (CBG) said Monday it has closed the acquisition of Norland Managed Services Ltd, a 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 has increased both revenue and profits at a compound annual growth rate of more than 20% over the past decade, CBRE said. For fiscal 2013 (ended April 5, 2013), Norland reported revenue of 384.8 million pounds( about $629 million).

CBRE acquired Norland for about 265.5 million pounds ($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 50 million pounds ($81.8 million) in deferred contingent consideration in cash.