DTZ, a rapidly growing commercial-real-estate-services firm backed by private-equity giant TPG, has cut a deal to buy Cushman & Wakefield Inc. for $2 bi
The deal will alter the global commercial-real-estate-services landscape by creating a clear challenger to the two firms that have been dominating the business until now, CBRE Group Inc. and JLL. Numerous firms had been vying for the No. 3 spot but none have come close to CBRE with $9 billion in 2014 revenue and JLL with $5.4 billion.
The combined company, which will have more than $5 billion in annual revenue and 250 offices in more than 50 countries, will keep the Cushman & Wakefield name.
The firm will be run by Brett White, former chief executive of CBRE who helped build that firm into the largest in the world.
Read more at: marketwatch.com