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CBRE agrees to acquire Balfour Beatty unit for $57M

CBRE Group Inc. entered into a definitive agreement to acquire Balfour Beatty LLC's project management and design engineering unit, Heery International Inc., for approximately $57 million.

The purchase price is about 6x the estimated 2017 adjusted EBITDA of the Atlanta-based Heery, which has approximately 535 employees in 19 offices across the U.S. It provides services such as architecture, engineering, interior design and commissioning.

Heery President Theodore Sak and COO Glenn Jardine will continue to lead the company. Heery's professionals will work with CBRE's project management teams across the U.S.

Subject to customary closing conditions, the deal should settle in the fourth quarter. The acquisition does not include the at-risk construction management business within Heery International, according to a filing.