Colliers International Group Inc. and FirstService Corp. announced on June 1 the separation into two independent, publicly traded companies — Colliers International Group Inc. and FirstService Corp.
Colliers’ shares began trading on the Nasdaq under symbol CIGI and the Toronto Stock Exchange under symbol CIG on June 2.
The companies said the change gives Colliers flexibility to pursue acquisitions and service-line diversification while enhancing global client service and shareholder value.
For 10 years, Colliers has been a subsidiary of a public company, according to CEO Kevin Huchingson, and this move was part of a “natural evolution” of Collier’s growth strategy.
The change does not mean that Colliers will operate differently with its clients, he said.
“The fact that Colliers International is now one of the leading publicly traded commercial real estate firms in the world does not change our local operations or the way we service our clients, to whom we will continue to bring innovative, forward-thinking solutions to the table that encompass a robust business and commercial real estate perspective,” Huchingson said in a statement. “Locally our leadership structure also remains the same, with our principals and market leaders continuing to serve local businesses by delivering exceptional service.”
Colliers will continue to offer the same level of service through the change, according to Doug Frye, global president and CEO of Colliers.
“Our mission has been to establish Colliers as the global firm that best serves the needs of today’s real estate clients,” Frye said in a news release. “To successfully support the next phase of this mission, we will continue to grow our global platform in professional services and seek out opportunities to diversify our revenue streams while advancing our track record of exceptional service.”
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