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CBRE Group To Acquire Heery From Balfour Beatty For About $57 Mln

CBRE Group Inc. (CBG) said Thursday that it agreed to acquire Heery International Inc., the project management and design engineering business of the international infrastructure group Balfour Beatty LLC, for the purchase price of about $57 million.

The transaction is expected to close during the fourth quarter, subject to customary closing conditions. The business that CBRE is acquiring generally does not include, or CBRE is indemnified for, the at-risk construction management business within Heery International.

Upon closing of the acquisition, Heery will continue to be led by its President Theodore Sak and its COO Glenn Jardine.

Founded in 1952, Heery has approximately 535 employees in 19 U.S. offices, providing services including project management, architecture, engineering, interior design, and commissioning.

by RTT Staff Writer

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