The deal, expected to close no later than early next year, breaks down to $49.51 per share of common stock and includes CBRE's assumption of Trammell debt and other costs. When the smoke clears, the merger will allow CBRE to expand its "integrated account management and outsourcing solutions," according to a statement. The deal is still subject to shareholders' blessings and the standard fed approvals.

If all of those hurdles clear, the resultant firm will boast combined pro-forma 2006 revenues of $4.4 billion and 21,000 employees. Not only will the firm's clientele represent some 85% of the Fortune 100, but the size of the combined operation qualifies it to list among the Fortune 500.

CBRE will fund the acquisition through the issuance of $2.2 billion of term loans and will amend or refinance its existing $600-million revolving credit facility. The firm will also shed Trammell's approximately 20% ownership interest in Savills plc in the UK.

After the deal is complete, the Trammell brand will be retained, company officials say, and its development and investment business will be run as a wholly owned but independent subsidiary. Trammell chairman and CEO Robert E. Sulentic will join CBRE as group president with responsibility for the development and investment business. He'll also oversee the company's Europe, Middle East, Africa and Asia-Pacific operations.