TORONTO—FirstService Corp. said Thursday it had gotten a final court order to separate into two independent publicly traded companies. The order from the Commercial List of the Ontario Superior Court of Justice means that assuming all other conditions are met, shares of Colliers International and FirstService Corp. will begin trading as standalone entitles on Tuesday, June 2, the day after the separation is finalized.

When the split was first announced in February, FSV founder and CEO Jay Hennick called it “the next bold, but logical, step in unlocking even greater value for FirstService shareholders.” Both FSV and Colliers, he added, would be “billion-dollar companies.”

The separation will spin off Colliers International Group Inc., based in Toronto with US headquarters in Seattle, as a commercial real estate services firm, with FirstService Corp. continuing as a residential property management and services firm under the FirstService Residential and FirstService Brands banners. For the year that ended Dec. 31, Colliers, which operates in more than 60 countries, generated pro forma revenue, including contribution from acquisitions completed during the year, of $1.7 billion. FSV's pro forma revenues for that time period totaled $1.1 billion.

The spun-off Colliers—which actually will be the current, publicly traded FSV under a different name—will seek to leverage internal growth opportunities and industry consolidation “in an industry where brand and global capabilities are key competitive advantages,” according to FSV. Creating a pure play global CRE firm, FSV said in February, will accelerate acquisition growth and service line diversification across all geographic regions and be better able to retain and motivate key employees.

The newly created residential services company, FirstService Corp., will maintain its focus on the residential market. It will also maintain and refine its “disciplined acquisition growth strategy utilizing a sharper strategic and capital allocation focused on opportunities which can provide a material operational and financial contribution,” FSV said in February.

Hennick will serve both as executive chairman of Colliers International and chairman of FirstService Corp., while John Friedrichsen, currently FSV's CFO, will serve in the same capacity for Colliers. Both Doug Frye, global president and CEO of Colliers, and Dylan Taylor, the company's global COO, will retain their current roles.

Hennick's successor as CEO of the spun-off FirstService will be Scott Patterson, currently the firm's COO. Friedrichsen's successor as CFO of FirstService will be Jeremy Rakusin, currently VP for strategy and corporate development.