CBRE buys majority stake in Turner & Townsend

CBRE Group Inc. purchased a 60% stake in Turner & Townsend Holdings Ltd., a provider of project management and advisory consulting services in 46 countries.

The parties also entered into a strategic partnership, creating a global program, project and cost management platform.

Turner & Townsend Chairman and CEO Vincent Clancy and the existing management team will continue to oversee the company, which will retain its brand.