Of the 32.1 million shares represented in the vote, 31.9 million voted in favor. "We had no surprises from the shareholders," TCC chief Robert Sulentic said after the vote. "We knew and they knew it was a good deal from the outset." Sulentic went on to predict a six month shakeout cruise before things are functioning smoothly.
As GlobeSt.com reported when it broke the story in late October, the Trammell brand will be retained and its development and investment business will be run as a wholly owned but independent subsidiary. Sulentic will join CBRE as group president with responsibility for those business lines. He'll also oversee the company's Europe, Middle East, Africa and Asia-Pacific operations. The firm will shed Trammell's approximately 20% ownership interest in Savills PLC in the UK.
With today's vote, the shareholders have essentially created a firm with 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 is funding the acquisition through the issuance of $2.2 billion of term loans and will amend or refinance its existing $600-million revolving credit facility.
Recent SEC filings note buyout and severance packages to take care of potential operational overlap, expected to be minimal, according to insiders.
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