CBRE, TCC Complete Merger

DALLAS-Two days after Trammell Crow Co. shareholders overwhelmingly approved the deal, the locally based company has officially been acquired by CB Richard Ellis Group Inc. The transaction, valued at $2.2 billion, includes approximately $1.9 billion for equity purchase, with the balance attributed to transaction and integration costs, as well as repayment of Trammell Crow corporate debt.

CB Richard Ellis will finance the transaction with a five-year, $1.1-billion tranche A-term loan and a seven-year, $1.1-billion B loan. The company’s existing credit facility was also amended to complete the transaction.

As GlobeSt.com reported on Monday, of the 32.1 million shares represented in the TCC shareholder 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.”This transaction marks a significant milestone in our company’s 100-year history,” commented Brett White, president and CEO of the Los Angeles-based CB Richard Ellis in a statement announcing the closing. “Adding Trammell Crow’s talented professionals and proven capabilities to our global platform will enable us to improve our service delivery to clients and continue our drive for excellence.”

The new company’s operations will commence on Jan. 2.