CB Commercial, the American property consultancy which has links with DTZ Debenham Thorpe, has agreed to merge with Richard Ellis International (REI) on undisclosed terms.
In October, REI and Richard Ellis (UK) were the subject of an estimated £80m bid by Insignia.
Both Barry White, the vice-chairman-international of the new merged group, and its chairman James Didion have expressed hope that Richard Ellis will join CB Commercial and REI as part of the enlarged company which will trade under the CB Commercial banner.
A statement from Richard Ellis Group says the firm is continuing on track to complete its previously announced merger transaction with Insignia.
The merger is subject to due diligence and the approval of REI’s shareholders. If it goes through, the enlarged company ill employ 8,000 people in more than 200 principal offices in 31 countries.
EGi News 10/12/97
