Real estate services and investment firm CBRE Group Inc., has just entered into a definitive agreement to acquire 60% ownership interest in Turner & Townsend Holdings Limited for approximately £960 million ($1.3 billion) in cash.

Turner & Townsend is a United Kingdom-based program, project and cost management services company with portfolios across 46 countries that include data centers and life-science properties; transportation, environmental and power generation projects; as well as renewable energy, alternative fuels, liquefied natural gas amongst other projects.

“This is a transformational transaction for our project management business in terms of both breadth and scale of capabilities,” said Bob Sulentic, president and chief executive officer of CBRE.

“We see sizable secular growth opportunities in project management, which are being propelled by rising public and private infrastructure investment and the drive to a low-carbon global economy. Turner & Townsend is by far the best firm to help us realize our ambitions for this business. It is an exceptionally well-run company with a first-rate brand, enviable client base and expertise that complements our capabilities.”

Through this acquisition agreement, CBRE also forms a strategic partnership to materially expand Turner & Townsend business in the Americas, where CBRE has significant footprints including data centers and investor relationships.

“The combined partnership of CBRE and Turner & Townsend will create the premier global provider of program, project and cost management from day one. Turner & Townsend will continue to offer independent advice, solutions and program level thinking across the Real Estate, Infrastructure and Natural Resources sectors,” said Vincent Clancy, chairman and chief executive officer of Turner & Townsend.

“Our global network means this applies everywhere in the world – we operate where our clients operate. The combination of unrivalled global footprint, sector expertise, commitment to investment and an incredible team of people will make CBRE and Turner & Townsend the go-to firms in our industry.”

Upon completion of the transaction, Turner & Townsend will be governed by a new Board of Directors, consisting of three CBRE executives – Bob Sulentic, CBRE President and CEO; Jack Durburg, Global CEO, GWS; and Chandra Dhandapani, Chief Transformation Officer and COO, GWS, in a combination with three Turner & Townsend executives – Vincent Clancy, chairman and CEO of Turner & Townsend; Jeremy Lathom-Sharp, Finance Director; and James Dand, Chief Operating Officer.

This transaction values Turner & Townsend at approximately £1.6 billion ($2.2 billion) which is expected to be immediately accretive to CBRE’s earnings. Upon closing of this transaction which is scheduled for Q4 2021, CBRE will pay 55% of the acquisition cost.