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LOS ANGELES-CB Richard Ellis Services Inc. officially became a private company this afternoon by completing its estimated $800-million merger with BLUM CB Corp., which is controlled by BLUM Capital Partners. The company will continue to operate as CB Richard Ellis, but shares of the company, which closed trading at $15.99 today on volume of 40,000 shares, will no longer be listed on the New York Stock Exchange.

In addition to BLUM Capital, the buying group includes key members of CB Richard Ellis management, Freeman Spogli & Co. and certain directors of CB Richard Ellis. Under the terms of the merger agreement, each share of CB Richard Ellis Services common stock, other than those held by members of the buying group, has been converted into the right to receive $16.

Headquartered in Los Angeles and employing 10,000 people, CB Richard Ellis is a full-service management and brokerage operation with 250 offices in 44 countries. The company had revenues of $1.3 billion in 2000. BLUM Capital is a leading private equity and strategic block investment firm with approximately $4 billion of equity capital under management, including affiliates.

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