Colliers International Group Inc. (CIGI) has entered into a definitive agreement to acquire Ayesa Engineering S.A.U., the engineering arm of Ayesa Inversiones S.L.U., for approximately US$700 million in cash. The deal is slated to close in the second quarter of 2026 and will add Ayesa’s 3,200‑person engineering workforce and operations in 21 countries to Colliers’ existing Engineering platform, bringing the combined entity’s professional staff to nearly 14,000 across 23 countries.
The acquisition is a strategic pivot that deepens Colliers’ presence in high‑growth infrastructure markets—transportation, water, and environmental services—while extending its geographic footprint into Europe, Latin America, the Middle East, and South Asia. By integrating Ayesa’s expertise and client base, Colliers positions itself to bid for larger public and private infrastructure projects and to accelerate the growth of its Engineering engine, which management has identified as a key driver of future earnings.
Financially, Ayesa reported gross revenue of about US$370 million in 2025. Colliers’ Engineering segment already generated over US$1.7 billion in annualized revenue; the combined segment is projected to exceed US$2.07 billion once Ayesa’s revenue is added. Management expects the transaction to be accretive to earnings, with synergies from cross‑selling services, shared technology platforms, and cost efficiencies in procurement and project management.
Ayesa will retain its brand and leadership team, with key executives holding significant equity stakes to preserve continuity. Colliers plans to integrate Ayesa’s operations gradually, leveraging its existing global network while maintaining the engineering firm’s local market knowledge and client relationships. This approach is designed to maximize synergy realization while minimizing disruption to ongoing projects.
Colliers’ recent financial performance underscores the company’s capacity to pursue this expansion. In 2025, the firm reported a 17% year‑over‑year increase in revenue for its Engineering segment, driven by acquisitions and strong demand for infrastructure services. While the company has faced some margin compression due to rising costs and competitive pricing, management has maintained confidence in its ability to sustain profitability through disciplined cost control and strategic investments.
Analysts have given Colliers a “Moderate Buy” consensus, citing the acquisition as a catalyst for long‑term growth. However, concerns remain about declining net profit margins and increased leverage, which could temper upside expectations if not addressed in future periods.
Jay Hennick, Colliers’ Global Chairman and CEO, said the deal “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, added that “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.” From the seller’s side, José Luis Manzanares Abásolo, CEO of Ayesa Group, noted that “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.” Rosalío Alonso, Ayesa’s COO who will become CEO of Ayesa Engineering at closing, said the partnership “enables us to build on our legacy of innovation and service excellence, expand our offerings to clients, and create new opportunities for our professionals.”
The market has yet to react to the announcement, as the deal is still in the definitive agreement stage and will only close in the second quarter of 2026.
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