Cushman & Wakefield and DTZ ink merger pact

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

The new firm, operating under the Cushman & Wakefield brand, will now boast of revenues in excess of US$5.5bn, over 43,000 employees worldwide and will manage more than 4 billion square feet globally on behalf of institutional, corporate and private clients. The resulting expanded full-service offering will provide a unique combination of deep, local market presence with significant scale in core services in the major global markets.

Speaking on the occasion Brett White, who will assume the role of chairman and CEO of the new entity said, "DTZ is elated to be merging under the prominent C&W 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."

"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," added White, who is a leading industry expert with over 30 years' experience and was earlier the CEO of CBRE.

Speaking on behalf of the investors, Ben Gray, TPG's Joint Managing Partner in Asia said, "We have been delighted to be a part of one of the most exciting growth stories in this industry. Our ambitions for the new Cushman & Wakefield are great and we stand ready to assist this global leader to continue to grow and flourish through our relationships, energy and capital."

"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," opined Edward C. Forst, President and CEO of C&W. "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 C&W team."

Once the merger is complete, Carlo Barel di Sant'Albano, current International CEO of C&W and EMEA CEO, will take a senior global leadership role. John Santora, current CEO of North America, will become Chief Operating Officer and Chief Integration Officer and Tod Lickerman, Global CEO of DTZ will assume the role of President of the global company.

The new Cushman & Wakefield will create a top-tier global commercial real estate service provider in every service line and every major region across the world. With a tenacious, entrepreneurial and client-centric culture of highly skilled people behind both firms, the new company will be able to tap into greater resources worldwide to ultimately deliver superior results for clients.

Speaking of Exor, C&W's majority 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 C&W 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 capitalize on the real estate growth trends across the globe."

According to informed sources, the transaction is expected to close before the end of the year and is subject to customary closing conditions.

About Cushman & Wakefield:
Cushman & Wakefield advises and represents clients on all aspects of property occupancy and investment. Founded in 1917, it has 259 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services to its occupier and investor clients for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, appraisal, consulting, corporate services, and property, facilities, project and risk management.

About DTZ:
Chicago - based DTZ is a global leader in commercial real estate services providing occupiers, tenants and investors around the world with a full spectrum of property solutions. The company's core capabilities include agency leasing, tenant representation, corporate and global occupier services, property management, facilities management, facilities services, capital markets, investment and asset management, valuation, research, consulting, and project and development management.