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A Cushy Number - DTZ and Cushmans to Merge

12 May 2015 | Updated 19 August 2020
 

Cushman & Wakefield and DTZ have reached a definitive agreement to merge and are set to become one of the largest global real estate services companies.

The new company, which will operate under the Cushman & Wakefield brand, will have revenues over $5.5 billion, over 43,000 employees and will manage more than 4 billion square feet globally on behalf of institutional, corporate and private clients. (The transaction is expected to close before the end of the year subject to customary closing conditions.)

The expanded full-service offering will provide a combination of local market presence with significant scale in core services in the major global markets.

 

Formidable

“This will be a formidable combination,” said Brett White, who will assume the role of Chairman and Chief Executive Officer of the combined Company. “While breadth and depth are important to serve clients, it’s not just about size. It’s also about local expertise. This and customer service will differentiate us going forward.” White has previously acted as CEO of CBRE.

 

Cushman & Wakefield

“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 C. Forst, President and Chief Executive Officer of Cushman & Wakefield.

Upon completion of the merger, Carlo Barel di Sant’Albano, current International CEO of Cushman & Wakefield and EMEA CEO, will take a senior global leadership role. John Santora, current CEO of North America at Cushman & Wakefield, will become Chief Operating Officer and Chief Integration Officer and Tod Lickerman, current Global CEO of DTZ will assume the role of President of the global company.

 

Investors

Speaking on behalf of the investors (TPG, PAG and OTPP), Ben Gray, TPG's Joint Managing Partner in Asia said: “Our ambitions for the new Cushman & Wakefield are great and we stand ready to assist growth through our relationships and capital.”

Cushman & Wakefield’s 80.1% stockholder and one of Europe’s leading listed investment companies, TPG founding partner, David Bonderman, added: "The potential created by this combination would not have been possible without EXOR's support and positioning of Cushman and Wakefield over the last 8 years. EXOR has achieved great success in growing a business that is performing extremely well and once combined with DTZ, will be even better positioned to further capitalise on the real estate growth trends across the globe."

Picture: Ed Forst.

Article written by Brian Shillibeer | Published 12 May 2015

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