Cushman & Wakefield, DTZ Complete $2B Merger
Four months after the deal was announced, top firms DTZ and Cushman & Wakefield put pen to paper on a big $2B merger, C&W announced today. The new firm will continue as Cushman & Wakefield, giving it $5B in revenue, 250 offices in 60 countries, 43,000 employees and more than 4.3B SF under management. A Shanghai-based investment firm had shown interest, emerging as a frontrunner in the early spring, before DTZ closed the deal, which CEO Brett White called a game changing event in real estate. "Now we have the opportunity to see these ambitions come together," he says. The timing is strong for the merger. DTZ acquired Cassidy Turley in January for $550M, a deal that closed shortly after C&W's $100M acquisition of Massey Knakal Realty Services. The new firm is majority-owned by an investor group headed by private equity firms TPG, PAG and the Ontario Teachers' Pension Plan.