Colliers Acquires Ayesa Engineering for $700 Million
Colliers has entered into a definitive agreement to acquire Ayesa Engineering, the engineering division of Ayesa Inversiones. The company said, "Ayesa Engineering is a leading multidiscipline engineering and project management firm headquartered in Seville, Spain, that provides technical consulting services across four continents. The addition solidifies Colliers' Engineering segment as a formidable global player, now with operations in Europe, Latin America, the Middle East, and South Asia, and enhanced capabilities in Australia. On closing, Colliers Engineering will operate in 23 countries with nearly 14,000 professionals, delivering services across Property & Buildings, Infrastructure & Transportation, Water, and Environmental end markets. Under Colliers' unique partnership model, Ayesa's existing leadership team will retain significant equity and continue operating the business going forward. Founded in 1966, Ayesa Engineering's more than 3,200 professionals across 21 countries provide multidiscipline engineering design, site supervision, and project management consultancy services to major public and private sector clients in the transportation, water, buildings and cities, and energy end markets. The company generated approximately $370M in gross revenues in 2025." Colliers will acquire Ayesa Engineering for approximately $700M in cash with closing expected in the second quarter of 2026. Ayesa Engineering will continue to operate under its current brand.
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- Dividend Announcement: Colliers International has declared a cash dividend of US$0.15 per Common Share, reflecting the company's ongoing profitability and stable cash flows, which is expected to enhance investor confidence.
- Payment Schedule: The dividend will be payable on July 14, 2026, to shareholders of record as of June 30, 2026, ensuring timely returns for shareholders and further solidifying the company's relationship with investors.
- Tax Compliance: This dividend qualifies as an
- CIBC Cuts Target Price: CIBC has reduced its target price for Colliers International Group Inc. from $160 to $130.
- Market Impact: This adjustment reflects changes in market conditions and expectations for the company's performance.
- Earnings Highlights: Colliers International reported a Q1 Non-GAAP EPS of $0.91, missing expectations by $0.02, indicating potential pressure on profitability that may affect investor confidence.
- Revenue Growth: The company achieved revenue of $1.31 billion, a 14.9% year-over-year increase, surpassing market expectations by $40 million, demonstrating its competitive strength and ongoing business expansion capabilities.
- Adjusted EBITDA Performance: Adjusted EBITDA stood at $124.8 million, up 8% year-over-year, maintaining an 8% growth in local currency, reflecting effective management in cost control and operational efficiency.
- 2026 Outlook: The company's outlook for 2026 remains unchanged, with the acquisition of Ayesa Engineering expected to close in late May, indicating Colliers' ongoing strategic acquisitions and confidence in future growth.
- Bond Issuance Size: Colliers International Group, through its subsidiary Colliers Macaulay Nicolls, has issued C$550 million in 4.73% senior notes due in 2033, demonstrating the company's financing capability and confidence in the capital markets.
- Fixed Rate Advantage: The bonds are sold at face value (100%) with a fixed interest rate of 4.73%, providing investors with a stable income source while allowing the company to lock in long-term financing costs, thereby enhancing financial stability.
- Company Guarantee: The debt is fully guaranteed by the parent company, meaning Colliers International Group will assume repayment responsibility, which enhances the bond's credit rating and reduces investor risk.
- Positive Stock Reaction: Following the bond issuance announcement, Colliers' stock is trading at approximately C$102.89, up about 3%, reflecting market recognition of the company's financial health and investor confidence.
Company Announcement: Colliers International Group Inc. has announced a price target cut for JPMorgan.
New Price Target: The new price target for JPMorgan is set at $146, down from the previous target of $174.










