In mega deal, DTZ to buy Cushman & Wakefield for $2.04 billion

New York -- Commercial real estate services firm DTZ, which is backed by private-equity firm TPG, has entered into a deal to acquire rival Cushman & Wakefield Inc. for $2 billion.



The combined company will have 43,000 employees, annual revenues of more than $5.5 billion and manage more than 4 billion square feet of real estate globally. It will operate under the Cushman & Wakefield name.



“The companies have remarkably complementary skills and reach in different geographies — whether in New York, London or Shanghai, this will be a formidable combination,” stated Brett White, the executive chairman of DTZ, who will serve as the chairman and CEO of the combined company. “While breadth and depth are important to serve clients, it’s not just about size. It’s also about local expertise and deep customer service, which are strong traits of Cushman & Wakefield and DTZ, and ultimately what will differentiate us going forward.”



The transaction, which is subject to regulatory approval, is expected to close in the fourth quarter.



Following the completion of the merger, Carlo Barel di Sant’Albano, international chief executive of Cushman & Wakefield, will take a senior global leadership role at the combined company. John C. Santora, the North America CEO of Cushman & Wakefield, will become the COO and chief integration officer.



Tod Lickerman, the global chief executive of DTZ, will serve as president of the combined company.