CB Richard Ellis (310-354-5064) entered into a definitive agreement to acquire Insignia Financial Group for $11 per share of common stock in cash, plus the potential for incremental consideration. The all-cash transaction is valued at approximately $415 million, including repayment of net debt and redemption of preferred stock. Upon completion of the transaction, Ray Wirta will continue as CEO and Brett White will continue as president. Stephen B. Siegel will join the company as chairman of global brokerage.