Real estate and investment firm CBRE is to merge its project management business with its majority-owned subsidiary, Turner and Townsend (T&T).

The transaction will mean CBRE will own 70 percent of the combined T&T/CBRE project management business, with the T&T partners holding the remaining 30 percent.

The combined project management divisions will create a $3 billion business employing more than 2,000 staff across 60 countries.

The combined business is expected to operate under the T&T brand once the deal is completed by the end of this year.

Vincent Clancy, T&T’s chairman and CEO, will join the CBRE executive board as part of the deal.

Clancy said: “Our ambition since joining forces with CBRE in 2021 has been to create the premier, differentiated program, project, and cost management capability globally. We have made exceptional progress towards this goal and our revenue and profit have grown significantly in the last three years.”

CBRE first acquired a 60 percent stake in T&T for $1.3 billion in November 2021. Since then, T&T has grown revenue at a compound rate of more than 20 percent.

Bob Sulentic, chair and CEO at CBRE, said: “Powerful secular trends, particularly increased spending on infrastructure, green energy, and employee experience, are growth catalysts for this business and we are well positioned to capitalize on this significant opportunity.”

He added: “Vince will bring a global perspective and deep experience in key growth areas like renewable energy and infrastructure to our board.”

CBRE has historically focused on facilities management services, but acquired Direct Line Global earlier this year, expanding into technical services.

T&T operates across three business segments globally; real estate, infrastructure, and energy and natural resources.