Millennium Post

CBRE to buy Johnson Control’s real estate biz for $1.47 billion

Real estate consultancy firm CBRE has entered into an agreement to acquire Johnson Controls' work space solution business GWS for $1.475 billion in an all cash deal.

Together, CBRE and GWS will manage nearly 5 billion square feet of real estate and corporate facilities globally, including 1.4 billion square feet in Asia Pacific, CBRE said in a statement. CBRE has entered into a definitive agreement to acquire the Global WorkPlace Solutions (GWS) business of Johnson Controls, Inc. The "purchase price of the deal is $1.475 billion, payable in cash", the statement said.

"Global WorkPlace Solutions (GWS) will operate as part of CBRE's Global Corporate Services (GCS) business, which has increased revenue at a double-digit compound annual growth rate over the last decade," it said.

GWS serves a blue-chip roster of global corporations, particularly in the industrial or manufacturing, life-sciences, and technology sectors. It has approximately 16,000 employees worldwide and generated approximately $3.4 billion of revenue for the 12 months ended December 31, 2014.
PTI

PTI

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