Newmark Completes Acquisition of Altus Group's Development Advisory Business
NMRK is trading near its 52-week low of $13.36 (14% above the low).
Summary
Newmark has closed its acquisition of Altus Group's Development Advisory Business. The deal expands Newmark's service offerings in development advisory, complementing its existing capital markets and property management platforms. This follows a series of strong financing and advisory wins in recent months, including a $975M data center financing and a £325M financing for Brookfield. The acquisition is modest relative to Newmark's $2.75B market cap but adds a strategic capability. No financial terms were disclosed.
At the time of this announcement, NMRK was trading at $15.19 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $2.8B. The 52-week trading range was $13.36 to $19.84. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.