Colliers spins itself into two

Colliers's shares are expected to begin trading on the NASDAQ stock market under the symbol CIGI and on the Toronto Stock Exchange under the symbol CIG on June 2nd, 2015. According to a Colliers press release, the move is aimed at giving the real estate service company “more flexibility to pursue a broader variety of growth opportunities including acquisitions and service-line diversification – all with a view to enhancing global client service and shareholder value” as well as a more “focused capital structure”.

“With ample liquidity, modest leverage, and a newly established USD 525 mln, five year, revolving credit facility, Colliers has the financial wherewithal to support continued investment in its balanced growth strategy focused on internal growth, targeted recruiting of top professionals, and prudent acquisitions as we have done so often in the past,” said John Friedrichsen, who will continue as CFO of Colliers. “With our spin-off complete, we can now focus our efforts on executing our growth strategy and with the support of our experienced board of directors, ensuring Colliers operates at the very highest of standards expected of publicly traded companies,” he added.

Largest shareholder Jay Hennick also remains in his role as executive chairman, while Elias Mulamoottil will serve as global head of mergers and acquisitions, and Doug Frye stays on as global president and CEO of Colliers International with Dylan Taylor as COO.