DTZ announced today that it had reached a definitive agreement with Cushman & Wakefield to merge, creating one of the largest global real estate services companies. Exor SpA, an Italian investment firm that owns most of Cushman & Wakefield, said Monday that DTZ will buy Cushman for $2.04 billion. The transaction is expected to close before the end of the year and is subject to customary closing conditions. The merged company will operate under the Cushman & Wakefield brand and have $5.5 billion in annual revenue and 43,000 employees.
"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," said Brett White, who will assume the role of Chairman and Chief Executive Officer of the combined company. 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." Mr. White is an industry leader with over 30 years' experience whose previous role was as CEO of CBRE.
"This transaction builds upon the considerable momentum we've achieved over the past 18 months and positions Cushman & Wakefield to deliver incremental value to clients worldwide from a broadened and strengthened global service platform," said Edward Forst, President and Chief Executive Officer of Cushman & Wakefield. "The combined company will truly represent the best our industry has to offer, with an enhanced ability to help clients achieve their goals and to deliver rewarding prospects for the tremendous Cushman & Wakefield team."
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