TPG Capital Closes on $1.1B DTZ Buy
TPG Capital has closed on its delayed $1.1B acquisition of international brokerage DTZ in a deal that will ripple through global commercial real estate markets--and likely lead to some high profile poaches. The PE firm, which expected to finalize the deal in September, will invest in the company and allow it to become a stand-alone brokerage. DTZ expects to close on its purchase of Cassidy Turley by the end of the year, creating a 28K-employee company with $2.9B in revenues. The new DTZ will keep its global HQ in Chicago, with the American HQ being in DC. What do RE pros expect to see from the deal? For one thing, a potential hiring spree that will allow the company to compete with the likes of JLL and CBRE. CB alum Brett White (above) will head DTZ.