PE-backed DTZ and Cushman & Wakefield Join in $2B Merger
May 12, 2015
PE-backed DTZ and Cushman & Wakefield have entered into a definitive agreement to merge and subsequently become one of the largest global real estate services companies. The new company will operate under the Cushman & Wakefield brand and is expected to have revenues of over $5.5 billion with more than 43,000 employees. It will manage over 4 billion square feet globally on behalf of institutional, corporate and private clients.
Founded in 1917, Cushman & Wakefield advises and represents clients on all aspects of property occupancy and investment, including equity, debt and structured finance, appraisal, consulting and corporate services. DTZ is backed by TPG, PAG Asia Capital and the Ontario Teachers' Pension Plan. The transaction, which is reportedly valued at $2 billion, is expected to close by year end.