DALLAS, Oct. 31 (UPI) -- CB Richard Ellis Group Inc. will buy big U.S. homebuilder Trammel Crow Co. in a deal worth about $2.2 billion.
The all-cash deal, which includes debt assumption, will create the first commercial real estate services company to qualify for the Fortune 500 list of the largest U.S. corporations.
CB Richard Ellis said Tuesday in a news release that upon completion of the agreement, set for no later than early next year, the combined entity will have revenues of about $4.4 billion and 21,000 employees.
CB Richard Ellis said it will borrow $2.2 billion to pay for Trammel Crow and also amend its existing $600 million revolving credit facility.
Finally, it expects to sell Trammel Crow's 20-percent stake in Savil PLC, a real estate services provider in Britain.