US commercial real estate services and investment business CBRE Group has completed a deal to acquire Union Gaming, a boutique investment bank and advisory company focused exclusively on the global gaming market.
Financial terms of the deal were not disclosed, but it was confirmed that Union’s employees and CBRE’s existing Las Vegas-based gaming investment sales team led by Michael Parks will join together to form a combined global gaming team
Union co-founder Bill Lerner will also now serve as CBRE’s global head of gaming investment as part of the acquisition agreement.
Based in Las Vegas, Union offers a range of investment banking services, including public debt and equity underwriting, M&A and strategic advisory, and gaming sector thought-leadership.
“Union Gaming fortifies CBRE’s position as a leader in the fast-growing global gaming sector,” CBRE Capital Advisors managing principal James Scott said. “We are excited to add to our investment-banking depth through the addition of Union’s talented professionals, deep relationships across the gaming sector and public-market capabilities.”
Lerner added: “We built Union Gaming on our singular commitment and belief in the long-term prospects for the gaming sector.
“Whether it’s the realization of casinos’ underlying real estate value, evolution of new gaming formats and technology, expansion of gaming in Asia, or recent surge of sports and online gaming, there is no better partner to continue our commitment to this next chapter of the business than CBRE.”