"This is a key move to fully integrate our service platform throughout North and South America," says Tony Marano, CEO of the Americas, in a statement. "From an outright ownership position, we will seek to accelerate our expansion and delivery of service offerings to meet the diverse needs of our clients."

C&W and Semco have been joint venture partners since 1994, Celina Antunes, CEO of C&W for Central and South America, tells GlobeSt.com. At that time the companies split ownership 50/50. Then in 2002 C&W became the majority stake holder, owning 80% of the partnership. Now C&W purchased the last 20%, for an undisclosed price, according to a spokesman.

"This reflects on our strategy to achieve 50% of our revenues from outside the U.S., through selective but aggressive acquisitions where the market and cultural fit is strong," says C&W President and CEO Bruce Mosler.

The name change will happen immediately, Antunes says. Today all signage, letterhead and brochures will drop the name Semco and contain the new firm's appellation.

C&W now manages 70 million sf of office and industrial properties in South America. It has offices in several Brazilian cities including Sao Paulo, Rio de Janeiro, and Manaus, as well as in Argentina, Chile, Venezuela, Columbia, Peru and Ecuador; employing more than 2,300 people.