The deal values Turner & Townsend at £1.6bn.

For the year to April 30, 2021 Turner & Townsend’s net revenue totaled £665m generating an adjusted EBITDA of £124m.

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

“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.”

Vincent Clancy, chairman and chief executive officer of Turner & Townsend, said: “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. 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.”

Clancy and the existing Turner & Townsend management team will continue to run the company on a day-to-day basis, and all its services will continue to be delivered under the Turner & Townsend brand.