DTZ Buys Cushman & Wakefield for $2B
DTZ is acquiring Cushman & Wakefield for about $2B. EXOR SpA, the Italian holding company, will sell 75% of its stake in C&W for net proceeds of $1.28B. The new firm will operate under the C&W name and become one of the world’s largest real estate services companies, with revenues of $5.5 billion, 43,000 employees and management of 4B SF globally. The combined forces will give the new firm a strong presence in every major market worldwide and position it to be a top-tier provider across all service lines. The merger should be completed in the fourth quarter.
David Bonderman's private equity firm TPG Capital bought DTZ late last year. In January, DTZ closed on its acquisition of the brokerage Cassidy Turley.