C&W, Healey & Baker announce merger.In one of the largest mergers ever of real estate services firms, U.S.-based Cushman & Wakefield, Inc. and the Europe-based Healey & Baker have announced a merger valued at $112 million. The merger culminates the two firms' eight-year joint initiative, and fully integrates their capabilities in the U.S., Asia, Europe, Africa and the Middle East. Through this merger, combined annual revenues of the combined firms will reach $700 million, with more than 7,700 employees in 129 offices in 39 countries. Healey & Baker, based in London, will retain its name, and will remain a partnership with responsibility for business throughout Europe, the Middle East and Africa Europe, the Middle East and Africa, usually abbreviated to EMEA, is a regional designation used for government, marketing and business purposes. It is particularly common amongst North American based companies, who often divide their international operations into the . Cushman & Wakefield, which will maintain its world headquarters in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , is committed to providing the capital to expand the business. As a result of this merger, Cushman & Wakefield is investing $112 million in the Healey & Baker partnership, and in turn, 35 percent of that will be used by Healey & Baker Partners to purchase shares in Cushman & Wakefield Worldwide. In addition, Cushman & Wakefield will have a majority ownership position in Cushman & Wakefield Asia, which was formed in 1994. "Through this merger, we are integrating a partnership that wholly-owns its operations and is one we have worked with side by side over the past eight years," said Cushman & Wakefield president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Arthur J. Mirante, II. "The two firms needed to merge in order to deliver to clients consistent levels of best of class service." Cushman & Wakefield now has significant ownership positions within its Asian, European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. , Mexican and South American operations 'South American' operation Surgical oncology A radical operation for 'frozen' pelvis, which consists of en bloc resection of the uterus and rectum. See Frozen pelvis. Cf 'All-American' and 'North American' operations. . "Given the importance of the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. for instance, having a majority position in Cushman & Wakefield Asia is a major milestone in our global expansion," Mirante added. "The firm is moving toward a common global vision and a philosophy based on results-driven professionalism professionalism the upholding by individuals of the principles, laws, ethics and conventions of their profession. on behalf of our clients." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mirante, "As a result of the merger we will accelerate the integration of our employees and systems to ensure our rapid transition to a globally integrated firm." Healey & Baker Senior Partner Paul Orchard-Lisle said the merger with Cushman & Wakefield is a logical next step for the two firms. "We are delighted to announce the fusion of our two organizations, which we believe will enable us to add to the services that we can offer our clients. Having worked together for eight years. we are totally confident that the services we can offer each other's clients is of the same consistently high professional standard. The merger is the next logical step to enhancing that relationship, and the terms of the agreement have the added advantages of retaining our partnership structure and helping us to expand our services," he said. Cushman & Wakefield and Healey & Baker began their joint initiative in 1990. The firms have maintained executives in each other's headquarters, and a board of directors to oversee operation of the joint initiative, which has completed more than 800 transactions since its inception. "The merger will maximize our ability to exchange professionals, integrate the substantial intellectual capital of our firms and ensure that the best of the two existing firms come together to enable the delivery of the best of class world-wide services," said Cushman & Wakefield Executive Managing Director of International Services, John Coppedge. "Among our areas of integration, the merging of databases, research, financial analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. , and corporate services Activities that combine or consolidate certain enterprise-wide needed support services, provided based on specialized knowledge, best practices, and technology to serve internal (and sometimes external) customers and business partners. will be top priorities." Coppedge also said the globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation of the economy is driving mergers in the real estate industry. "In order to be a global player in the new century in commercial real estate, companies must establish a worldwide capability and consistent standards and levels of quality," he said. Mirante and Coppedge will become members of Healey & Baker's Board of Management. Orchard-Lisle and John Travers John Raymond Travers (born February 27, 1967) is an Australian murderer. He was sentenced to life imprisonment along with four others in his gang, for the 1986 murder of Anita Cobby in New South Wales. of Healey & Baker will become members of Cushman & Wakefield's Board of Directors and Executive Committee. Travers, deputy senior partner, will succeed as senior partner of Healey & Baker when Orchard-Lisle's term expires in September 1999. Cushman & Wakefield was represented by J.P. Morgan, Ernst & Young and the law firm of Shearman & Sterling. Healey & Baker was represented by Pannell Kerr & Forster and the law firm of Lovell White & Durrant. |
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