FIRSTSERVICE CORP. $30.49 (Toronto symbol FSV; TSINetwork Rating: Extra Risk) (416-960-9500; www.firstservice.com; Shares outstanding: 34.6 million; Market cap: $1.1 billion; Dividend yield: 0.6%) has completed the spinoff of its Colliers International subsidiary after handing out Colliers shares to its investors.
The new FirstService began trading on Tuesday, June 2, 2015, retaining its FSV stock symbol. Colliers International Group, $47.01, symbol CIG on Toronto, began trading on the same day under its new symbol. Shareholders won’t pay capital gains taxes on the transaction until they sell their FirstService or Colliers shares.
Colliers is one of the world’s top three commercial real estate firms, offering a range of services in the U.S., Canada, Europe, Australia, New Zealand, Asia and Latin America. In 2014, it had $1.7 billion U.S. of revenue.
Now that the spinoff is complete, FirstService will carry on with its residential property management and property-improvement operations, which reported $1.1 billion U.S. of revenue in 2014.
FirstService is still a hold. Colliers International Group is also a hold.
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