CB Richard Ellis Acquires Trammell Crow for $2.2 Billion

Trammell Crow Co. has announced the execution of a definitive agreement whereby CB Richard Ellis Group Inc. would acquire the company in a $2.2 billion transaction. That sum includes the assumption of corporate debt and transaction and integration costs.
Under the terms of the agreement, Trammell Crow’s stockholders will receive $49.51 in cash for each share of Trammell Crow common stock they hold.
The Board of Directors of Trammell Crow has unanimously approved the merger agreement and has recommended to its stockholders that they approve and adopt the agreement. Completion of the transaction is conditioned on, among other things, regulatory review and approval by the company’s stockholders. The transaction is not conditioned on the receipt of financing by CB Richard Ellis. The transaction is expected to close in late 2006 or early 2007.
Lazard Freres and Co. LLC acted as financial advisor to the company and provided a fairness opinion to the board of directors of the company in connection with the transaction.
Trammell Crow employs 6,200 nationwide. California-based CB Richard Ellis employs about 14,500 people. Both companies maintain a Tulsa office.

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