Colliers completes acquisition of Ayesa Engineering

• Event: Completion of acquisition of Ayesa Engineering S.A.U. by Colliers International Group Inc.
• Date: May 27, 2026.
• Scale: Adds over 3,300 professionals to Colliers' Engineering segment; total workforce exceeds 11,000 across 23 countries.
• Financials: Ayesa contributed approximately US$370 million of gross revenue in 2025 (per Feb announcement). Transaction price was ~US$700 million cash.
• Integration: Ayesa leadership retains significant equity under Colliers' partnership model; Rosalío Alonso becomes CEO of Ayesa Engineering post-closing.
• Capabilities: Expands expertise in Property & Buildings, Infrastructure & Transportation, Water, and Environmental end markets.
• Context: This follows the initial announcement on February 3, 2026, and Q1 earnings guidance stating closing was expected "later this quarter" (Q2).

• Execution vs. Expectation: The news confirms the execution of a deal announced three months prior. There is no deviation from the previously disclosed terms ($700M cash) or timeline (Q2 2026 closing).
• Market Reaction Context: Despite the positive operational expansion, the stock price has declined significantly (~43%) from its August 2025 peak ($234.05) to current levels ($132.78). The market appears to have priced in the acquisition risk and leverage concerns prior to closing.
• Strategic Value: Adds scale and diversifies revenue streams into engineering, which management cites as a resilient business line (non-cyclical). However, the cash purchase price increases net debt levels.
• Materiality Classification: Classified as Routine - Positive because it is a follow-up to a known event rather than new information that alters valuation models unexpectedly. The removal of execution risk is positive but not transformative given the prior announcement.

• Company: Colliers International Group Inc. (CIGI).
• Business Model: Diversified professional services platform operating in Commercial Real Estate, Engineering & Design, and Investment Management.
• Flagship Project/Segment: The Engineering segment is currently the primary growth driver via M&A (Ayesa, Ramos, Tetranex, etc.), aiming to become a top 30 global engineering firm.
• Development Status: Transitioning from organic growth to aggressive inorganic expansion. Ayesa integration is the current focal point for scaling capabilities in Europe and Latin America.