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(RTTNews) - CBRE Group, Inc. (CBRE) Monday revealed its plans to merge the Project Management business with its majority-owned subsidiary Turner & Townsend.

Upon completion of the deal, CBRE will possess a 70 percent stake in the combined Turner & Townsend/CBRE Project Management venture, while the Turner & Townsend partners will retain the remaining 30 percent.

Vincent Clancy, chief executive officer of Turner & Townsend will lead the integrated business and will report to a Board overseen by CBRE consisting of senior executives from both companies.

The transaction is anticipated to be finalized by the end of the year, pending regulatory approvals and necessary consultations with employee Works Councils in specific jurisdictions.

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