DTZ, a commercial real estate services backed by the TPG private equity firm, has agreed to acquire Cushman & Wakefield for US$2 billion, creating one of the world’s largest realty firms.
The new company, which will operate under the Cushman & Wakefield brand, will have revenues over US$5.5 billion, over 43,000 employees and will manage more than 4 billion square feet globally. The new Cushman & Wakefield will vie with JLL as the second-largest commercial realty firm behind global revenue leader CBRE, which had $9 billion in revenue in 2014.
Cushman & Wakefield will be led globally by Brett White, the former CEO of CBRE. “DTZ is elated to be merging under the prominent Cushman & Wakefield brand. The companies have remarkably complementary skills and reach in different geographies – whether in New York, London or Shanghai, this will be a formidable combination,” said White, whose previous role was as CEO of CBRE.
Upon completion of the merger, Carlo Barel di Sant’Albano, current International CEO of Cushman & Wakefield and EMEA CEO, will take a senior global leadership role. John Santora, current CEO of North America at Cushman & Wakefield, will become Chief Operating Officer and Chief Integration Officer and Tod Lickerman, current Global CEO of DTZ will assume the role of President of the global company.
The transaction is expected to close before the end of the year and is subject to customary closing conditions.