Colliers bets $700M on engineering in Ayesa acquisition
Deal expands global engineering footprint to 23 countries with 14,000 professionals
Colliers International Group has agreed to acquire Ayesa Engineering for approximately $700 million in cash, marking the latest move in the real estate services firm's ambitious strategy to build a global engineering powerhouse. The transaction, announced Tuesday, will add more than 3,200 professionals across 21 countries to Colliers' operations and position the company among the world's top 30 engineering firms.
The deal represents Colliers' largest engineering acquisition to date and continues a deliberate "roll-up strategy" that has seen the company pursue value-accretive purchases in the sector. Ayesa Engineering, headquartered in Seville, Spain, generated around $370 million in gross revenues in 2025, bringing Colliers' engineering segment to operations spanning 23 countries with nearly 14,000 professionals. The acquisition is expected to close in the second quarter of 2026.
"Our acquisition of Ayesa marks the latest pivotal step in our 30-year track record of creating shareholder value," said Jay Hennick, Global Chairman and Chief Executive Officer of Colliers. "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."
For Colliers, the engineering segment has become a key differentiator from traditional property services peers, contributing to what analysts estimate is approximately 70% of the company's recurring earnings. The business has delivered impressive growth, with revenues increasing 59% in the first quarter of 2025 and 67% in the second quarter, driven by both organic expansion and strategic acquisitions.
The sector offers stable, durable income streams through long-term contracts in critical infrastructure markets including transportation, water, energy systems, and environmental projects. Colliers is positioning itself to capitalize on global tailwinds, including the need to repair aging infrastructure across developed markets and build new systems for growing populations in emerging economies.
"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," said Elias Mulamoottil, Chief Investment Officer of Colliers. "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."
Under Colliers' partnership model, Ayesa Engineering will maintain its current brand and existing leadership team, who will retain significant equity in the business. Rosalío Alonso, Chief Operating Officer of Ayesa Group, will become CEO of Ayesa Engineering upon closing of the transaction.
"As Ayesa Group's founding family, we are very proud of the company's nearly 60-year history of delivering world-class engineering and project management for major infrastructure projects," said José Luis Manzanares Abásolo, Chief Executive Officer of Ayesa Group. "Colliers is the natural partner for Ayesa Engineering given their belief in our strategy and people."
Colliers shares, which have gained 35% over the past 12 months, were trading at $136.39 in pre-market activity, down 0.23% from Monday's close. The stock has faced some pressure recently but remains well above its 52-week low of $100.64. Analysts maintain a broadly positive outlook, with the consensus target price of $182.56 suggesting significant upside from current levels. Among covering analysts, five rate the stock a strong buy, four recommend buy, and four advise hold.
The acquisition comes as Colliers continues to diversify beyond its traditional real estate services business. The Toronto-based company, which boasts a market capitalization of approximately $6.96 billion, has pursued engineering acquisitions including Englobe Corp., Higher Ground Consulting, and Terra Consulting Group as part of its strategy to build a dominant position in the sector.
For investors, the engineering segment's higher percentage of recurring earnings provides stability that contrasts with the more cyclical nature of traditional real estate services. The business model's resilience has become increasingly attractive amid broader market uncertainty, positioning Colliers to deliver more predictable cash flows and growth.
The Ayesa transaction will require Colliers to deploy significant capital at a time when the company maintains a price-to-earnings ratio of 59.96 on a trailing basis. However, the forward P/E of 18.08 suggests analysts expect earnings to accelerate significantly, potentially driven in part by the engineering segment's expansion and the accretive nature of the Ayesa acquisition.
With the deal expected to close in the second quarter of 2026, investors will be watching closely for integration updates and evidence that Colliers can successfully leverage Ayesa's expertise in new markets while maintaining the cultural alignment that executives emphasize as central to their partnership model.