Colliers to acquire Ayesa Engineering for $700M (U.S.)

Executive Summary

• Colliers International Group Inc. has entered into a definitive agreement to acquire Ayesa Engineering SAU, the engineering division of Ayesa Inversiones SLU, for approximately $700 million (U.S.) in cash.
• The acquisition is expected to close in the second quarter of 2026, significantly expanding Colliers' global engineering footprint to 23 countries with nearly 14,000 professionals.
• Ayesa Engineering, which generated approximately $370 million in gross revenues in 2025, will continue to operate under its current brand with its existing leadership team retaining significant equity.

Key Details

• Transaction Value: Approximately $700 million (U.S.) in cash.
• Target Company: Ayesa Engineering SAU, the engineering division of Ayesa Inversiones SLU.
• Target Financials: Ayesa Engineering generated approximately $370 million (U.S.) in gross revenues in 2025.
• Closing Timeline: Expected in the second quarter of 2026.
• Operational Impact: Post-closing, Colliers Engineering will operate in 23 countries with nearly 14,000 professionals.
• Target Capabilities: Ayesa Engineering provides multidiscipline engineering design, site supervision, and project management consultancy services across transportation, water, buildings and cities, and energy end markets.
• Geographic Expansion: The acquisition adds operations in Europe, Latin America, the Middle East, South Asia, and enhanced capabilities in Australia.
• Leadership Structure: Ayesa's existing leadership team will retain significant equity and continue operating the business. Rosalio Alonso, currently COO of Ayesa Group, will assume the role of CEO of Ayesa Engineering at closing.
• Advisers:
  • For Colliers: Alantra (financial adviser), Uria Menendez (legal adviser).
  • For Ayesa Group/Owners: Baird and Arcano Partners (financial advisers), Perez-Llorca and Weil, Gotshal & Manges (legal advisers).
• Ownership: Ayesa Group and its owners include A&M Capital Europe and the Manzanares family.

Notable Quotes

• Jay Hennick, Global Chairman and CEO of Colliers: "Our acquisition of Ayesa marks the latest pivotal step in our 30-year track record of creating shareholder value... This strategic move expands our global presence in the high-growth engineering and project management sector, strengthens our position among the world's top-30 engineering firms, and brings more scale and opportunities to our clients and professionals worldwide."
• Elias Mulamoottil, Chief Investment Officer of Colliers: "Ayesa Engineering presents a rare opportunity to partner with a scalable international platform, offering top-tier capabilities across critical infrastructure sectors with minimal overlap to our existing operations... We see strong growth potential in existing and new markets, with opportunities to leverage their expertise in the U.S., Canada and Australia as industry tailwinds drive robust demand for our services."
• Jose Luis Manzanares Abasolo, CEO of Ayesa Group: "Colliers is the natural partner for Ayesa Engineering given their belief in our strategy and people, and the respect they have shown for our history in Spain and Seville -- reflected in their commitment to preserving Ayesa's presence in the region."
• Rosalio Alonso, COO of Ayesa Group: "Joining Colliers enables us to build on our legacy of innovation and service excellence, expand our offerings to clients, and create new opportunities for our professionals."