Possible Merger for Insignia/ESG and CB Richard Ellis
Feb 11, 2003 12:00 PM, By Parke Chapman
Insignia Financial Group (parent company of brokerage Insignia/ESG) has issued a statement today acknowledging that it has held merger discussions with CB Richard Ellis. However, the statement emphasized that there is "no assurance that the current discussions will result in a transaction."
Spokespeople from both firms declined to comment on the rumor. Were the merger to happen, the combined entity would be the biggest real estate brokerage in the world.
The firms have reportedly discussed such a merger before. Last summer, the New York Post reported that merger talks between CBRE and Insignia had broken down. Following the release of the article, Insignia denied that any talks had even taken place. In Insignia’s statement released today, however, the firm claims that it has "in the past engaged in discussions about similar combinations, none of which have come to fruition." The outcome of the current talks is unclear.
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