DTZ complete $2bn merger with Cushman and Wakefield
DTZ have completed a mega-merger with Cushman & Wakefield, creating one of the largest real estate companies in the world.
Exor, the investment company of Italy’s billionaire Agnelli family, founders of Fiat, agreed the sale for $2bn to DTZ, which was snapped up itself last year by private-equity giants TPG.
The new company will operate under the iconic Cushman & Wakefield brand and will join CBRE and JLL as one of the world’s giants in the property industry.
Brett White, who will assume the role of Chairman and CEO said: “DTZ is elated to be merging under the prominent Cushman & Wakefield brand. The companies have remarkably complementary skills and reach in different geographies – whether in New York, London or Shanghai, this will be a formidable combination.”
Cushman and DTZ have previously advised on a host of major investment and leasing deals in London, including high profile clients such as RBS, Amazon and Tesco.
White added, “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 company will have revenue over $5.5bn, over 43,000 employees and will manage more than 4bn sq ft globally on behalf of their clients.
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