12:53 PM EDT, 06/04/2024 (MT Newswires) -- Colliers announced it was acquiring a significant controlling stake in Englobe Corp for US$475 million.

Overall, RBC thinks this is a good transaction. "it's on strategy, provides for revenue synergies for future growth and boosts its 'recurring' mix to 72% from 70%, further differentiating its business mix from the global CRE brokers," analyst Jimmy Shan writes.

The multiple paid (~12x 2023 EBITDA) is generally in line with market, Shan adds.

Maintain Outperform and target of US$145.

Price: 152.72, Change: +0.69, Percent Change: +0.45