On June 12, 2018, CBRE Jason Acquisition LLC (Merger Sub), our wholly-owned subsidiary, and FacilitySource Holdings, LLC (FacilitySource), WP X Finance, LP and Warburg Pincus X Partners, LP (collectively, the Stockholders) entered into a stock purchase agreement and plan of merger (the Merger Agreement). As part of the Merger Agreement, (i) we purchased from the Stockholders all the outstanding shares of capital stock of FS WP Holdco, Inc (Blocker Corp), which owned 1,686,013 Class A units (the Blocker Units) and (ii) immediately following the acquisition of Blocker Corp, Merger Sub merged with FacilitySource, with FacilitySource continuing as the surviving company and our wholly-owned subsidiary within our Americas segment (the FacilitySource Acquisition), with the remaining Blocker Units not held by Blocker Corp. canceled and converted into the right to receive cash consideration as set forth in the Merger Agreement. The estimated net initial purchase price was approximately $266.5 million, with $263.0 million paid in cash. We financed the transaction with cash on hand and borrowings under our revolving credit facility. We completed the FacilitySource Acquisition to help us (i) build a tech-enabled supply chain capability for the occupier outsourcing industry and (ii) drive meaningfully differentiated outcomes for leading occupiers of real estate.

The following represents a summary of the excess purchase price over the estimated fair value of net assets acquired (dollars in thousands):

The preliminary purchase accounting related to the FacilitySource Acquisition has been recorded in the accompanying consolidated financial statements. The excess purchase price over the estimated fair value of net assets acquired has been recorded to goodwill. The goodwill arising from the FacilitySource Acquisition consists largely of the synergies and economies of scale expected from combining the operations acquired from FacilitySource with ours. We are currently assessing if any portion of the goodwill recorded in connection with the FacilitySource Acquisition will be deductible for tax purposes, but do not expect any tax deductible goodwill to be significant. Given the complexity of the transaction, the calculation of the fair value of certain assets and liabilities acquired, primarily income tax items, is still preliminary. The purchase price allocation is expected to be completed as soon as practicable, but no later than one year from the acquisition date. The following table summarizes the aggregate estimated fair values of the assets acquired and the liabilities assumed in the FacilitySource Acquisition (dollars in thousands):

Assets Acquired:
Cash and cash equivalents	$	2,627
Receivables, net		37,902
Prepaid expenses		477
Property and equipment		41,680
Other intangible assets		48,200
Other assets		114
Total assets acquired		131,000
Liabilities Assumed:
Accounts payable and accrued expenses		48,273
Accrued bonus and profit sharing		5,036
Compensation and employee benefits payable		1,472
Line of credit and term loan		26,295
Deferred tax liabilities, net		57,428
Other liabilities		1,128
Total liabilities assumed		139,632
Estimated Fair Value of Net Liabilities Assumed	$	(8,632	)

The following is a summary of the preliminary estimate of the amortizable intangible assets and depreciable computer software acquired in connection with the FacilitySource Acquisition (dollars in thousands):

				As of December 31, 2018
Asset Class	Weighted Average Amortization/ Depreciation Period	Amount Assigned at Acquisition Date		Accumulated Amortization and Depreciation		Net Carrying Value
Intangibles
Trade name	20 years	$	37,200	$	1,007	$	36,193
Customer relationships	6.67 years		11,000		894		10,106
Total amortizable intangible assets acquired	16.96 years	$	48,200	$	1,901	$	46,299
Property and Equipment
Computer software	10 years	$	38,800	$	2,102	$	36,698

Upon close of the FacilitySource Acquisition, we immediately repaid the line of credit and term loan assumed from FacilitySource.

The accompanying consolidated statement of operations for the year ended December 31, 2018 includes revenue, an operating loss and a net loss of $121.6 million, ($3.9) million and ($2.9) million, respectively attributable to the FacilitySource Acquisition. This does not include direct transaction and integration costs of $6.7 million and depreciation and amortization expense of $4.0 million related to computer software and intangible assets acquired, all of which were incurred during the year ended December 31, 2018 in connection with the FacilitySource Acquisition.

Unaudited pro forma results, assuming the FacilitySource Acquisition had occurred as of January 1, 2016 for purposes of the pro forma disclosures for the years ended December 31, 2018, 2017 and 2016 are presented below. They include certain adjustments for increased depreciation and amortization expense related to acquired computer software and intangible assets as well as increased interest expense associated with borrowings under our revolving credit facility used to fund the acquisition, as follows (dollars in thousands):

	Year Ended December 31,
		2018		2017		2016
Depreciation expense	$	1,253	$	3,054	$	3,298
Amortization expense		1,019		2,190		2,190
Interest expense		2,748		6,098		6,098

Pro forma adjustments also include the removal of historical amortization of goodwill recorded by FacilitySource before we acquired them and $6.7 million of direct costs incurred by us during the year ended December 31, 2018 as well as the tax impact of all pro forma adjustments for all periods presented. These unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been had the FacilitySource Acquisition occurred on January 1, 2016 and may not be indicative of future operating results (dollars in thousands, except share data):

	Year Ended December 31,
		2018		2017		2016
Revenue	$	21,437,014	$	18,778,312	$	17,472,602
Operating income		1,089,738		1,058,834		794,495
Net income attributable to CBRE Group, Inc.		1,061,916		680,392		555,332
Basic income per share:
Net income per share attributable to CBRE Group, Inc.	$	3.13	$	2.02	$	1.66
Weighted average shares outstanding for basic income per share		339,321,056		337,658,017		335,414,831
Diluted income per share:
Net income per share attributable to CBRE Group, Inc.	$	3.09	$	2.00	$	1.64
Weighted average shares outstanding for diluted income per share		343,122,741		340,783,556		338,424,563