CBRE Strikes $800 Million Deal for Defense Department Contractor

Property brokerage CBRE Group Inc. agreed to buy J&J Worldwide Services, a provider of facilities maintenance for the US government, for roughly $800 million in cash.

The deal also includes a potential earn-out of up to $250 million, payable in 2027, if J&J meets certain targets, according to a statement Monday. The deal, which CBRE said is likely to be accretive to its earnings this year, is expected to close in the coming months.

Investment firm Arlington Capital Partners is selling the company, which primarily has contracts with the Department of Defense. J&J has more than 3,300 employees and ...