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TPG acquires Cushman & Wakefield, to merge with DTZ

🕐 2 min read

Fort Worth-based TPG Capital announced today it has agreed to buy Cushman & Wakefield Inc., the largest closely held commercial-property brokerage firm, for about $2 billion including debt, with plans to merge the company with its DTZ unit.

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 for institutional, corporate and private clients.

The deal could have national – and local – reprecussions. The combination of New York-based Cushman and Chicago-based DTZ would make it a rival to CBRE Group Inc. and JLL. DTZ is headed by Brett White, executive chairman and a former CEO of CBRE. The Dallas office of Cushman & Wakefield opened in 1974 and as of last year had 250 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 White, who will assume the role of chairman and CEO 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 and deep customer service, which are strong traits of Cushman & Wakefield and DTZ, and ultimately what will differentiate us going forward.”

TPG acquired DTZ late last year and in January, DTZ acquired Cassidy Turley, a brokerage, to create global commercial real estate services firm.

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.

The transaction is expected to close before the end of the year.

Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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