Simpson Thacher represented CBRE Group, Inc. in connection with its announced acquisition of J&J Worldwide Services from Arlington Capital Partners. The initial purchase price is $800 million in cash, plus a potential earn-out of up to $250 million payable in 2027 if the acquired business meets certain performance thresholds.
J&J Worldwide Services is a leading provider of engineering services, base support operations and facilities maintenance for the U.S. federal government and primarily serves the U.S. Department of Defense through long-term, fixed-price contracts. The company employs more than 3,300 people worldwide, serving more than 250 hospitals, clinics and military installations primarily in the United States as well as in Europe, Asia, the Caribbean, and the Middle East.
CBRE, a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries.
The Simpson Thacher team for this transaction included Mark Pflug, Theresa Scharff, Christopher Flynn, Simon Teich and Maddie Hawkins (M&A); Tristan Brown, Harry Hudesman and Ryan Kenny (Executive Compensation and Employee Benefits); Benjamin Rippeon, Sophie Staples and Ruoxi Zhang (Tax); Lori Lesser, Rachelle Broida, Kate Mirino and Jason Anterasian (Intellectual Property); Krista McManus and Dennis Loiacono (Real Estate); Timothy Mulvihill (Environmental); Steve DeLott (Insurance); and Peter Guryan, Étienne Renaudeau, Kelly Karapetyan and Max Fischer-Zernin (Antitrust).