The world of real-estate services is about to get a new giant.
Cushman & Wakefield is merging with DTZ, which is backed by private equity firm TPG.
The deal is expected to close later this year and the new company, which will retain the Cushman & Wakefield brand, will manage more than 4 billion square feet of real estate, drive revenues of more than $5.5 billion and employ over 43,000 workers.
At the helm as chairman and chief executive officer will be Brett White, who was previously ceo of CBRE.
“The companies have remarkable complementary skills and reach in different geographies — whether in New York, London or Shanghai, this will be a formidable combination,” White said. “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.”