The two announced a worldwide merger valued at $112 million on Monday which will culminate their eight-year joint initiative and fully integrate their capabilities in the US, Asia, Europe, Africa and the Middle East.

Cushman & Wakefield managing director Michael W J Thomson said, "We are going from strength to strength, and the resources that are now available to us will make us truly global. I don't believe any other firm can lay claim to such a vast fund of knowledge and expertise in the real estate sector."

Healey & Baker was founded in 1820. Based in London with a staff strength of 750 people across its offices, it will retain its name and remain a partnership with business responsibilities throughout Europe, the Middle East and Africa. Cushman & Wakefield will maintain its world headquartersin New York.

As a result of this merger, Cushman & Wakefiled will invest $112 million in the Healey & Baker partnership and, in turn, 35 per cent of that will be used by Healey & Baker partners to purchase shares in Cushman & Wakefield worldwide. In addition, Cushman & Wakefield will have a majority ownership in Cushman & Wakefield Asia, which was formed in 1994.

A realty expert said, "The merger could make the functioning of Cushman & Wakefield in India more widespread. The infrastructure facilities would also be greatly enhanced."

"Through this merger, we are integrating a partnership that wholly-owns its operations and is one we have worked with side by side over the past eight years. The two firms needed to merge in order to deliver to clients consistent levels of the best of class service," said Cushman & Wakefield president and chief executive officer Arthur J Mirante, II.

Healey & Baker senior partner Paul Orchard-Lisle said, "The fusion of our two organisations we believe will enable us to addto the services that we can offer our clients."