The move to merge the two PM divisions will create a $3bn business employing more than 2,000 staff across 60 countries.

CBRE bought a 60% controlling stake in the 75-year-old T&T nearly three years ago for £960m.

The new deal to merge the PM businesses will see CBRE up its stake to 70% in the new Turner & Townsend/CBRE Project Management entity releasing another £55m to T&T shareholders.

The combined business will be led by Vincent Clancy, Turner & Townsend’s chairman and chief executive officer, who will join the CBRE main board.

Turner & Townsend to be the primary brand for the combined business once the deal is completed.

Bob Sulentic, CBRE’s chair and chief executive officer, said: “Unifying our Project Management business will create an offering that is unmatched for its scale and breadth of capabilities.

“Powerful secular trends, particularly increased spending on infrastructure, green energy, and employee experience, are growth catalysts for this business and we are well positioned to capitalise on this significant opportunity.”

“Vince is an exemplary leader who has guided Turner & Townsend to great success,” said Sulentic.

“Putting CBRE’s extensive global project management resources and capabilities under Vince will strengthen our value proposition for clients and advance our growth ambitions.”

Clancy added: “Our ambition since joining forces with CBRE in 2021 has been to create the premier, differentiated programme, project and cost management capability globally.

“We have made exceptional progress towards this goal and our revenue and profit have grown significantly in the last three years. Turner & Townsend’s momentum will continue to grow with the combining of two great businesses into one integrated, pure play project management capability.

“Our combined depth of talent and resources, global footprint, sector expertise and commitment to excellence will be second to none in project and programme management.”

Beginning in 2025, CBRE intends to report project management results in a new segment separate from Global Workplace Solutions in order to provide increased transparency for investors.