A definitive agreement to merge has been reached between Cushman & Wakefield and DTZ. Once completed it will see the combined organisation become one of the largest global real estate services companies.
Operating under the Cushman & Wakefield brand, the new company will have revenues over $5.5 billion (£3.5 billion), over 43,000 employees and will manage more than 4 billion square feet globally on behalf of institutional, corporate and private clients. The 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.
Brett White, former CEO of CBRE, will assume the role of chairman and chief executive officer of the combined Company, he commented:
“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. 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.”
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 and is subject to customary closing conditions.
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