CB Richard Ellis is to buy Dallas-based real estate service provider Trammell Crow for EUR 1.7 bn ($2.2 bn) in a move that will double CBRE's property management business. CBRE, the world's largest real estate advisor, agreed to pay $49.1 per share and to assume Trammell's corporate debt. The transaction is expected to be concluded before the end of the year or in early 2007, subject to approval of Trammell's shareholders and federal regulatory agencies.
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