Property firms Cushman & Wakefield and DTZ are to become one of the largest global real estates services companies due to an exciting merger taking place near the end of the year.
Operating under the Cushman & Wakefield name, the combined company will have a total revenue of $5.5 billion, 4 billion sq ft of global space and over 43,000 employees collectively.
With this merger, they will be able to offer a deeper local market presence and a vast scale for core services in the major global markets, tapping into the resources worldwide and benefit clients greatly in the long run.
Brett White, who will be the chairman and chief executive officer of the newly combined company, said: “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”.
Once the merger has been completed, the current International CEO of Cushman & Wakefield and EMEA CEO, Carlo Barel di Sant’Albano will be the senior of global leadership. John Santora, Cushman & Wakefield’s current CEO of North America, will take the role of Chief Operating Officer, while Tod Lickerman, the current global CEO of DTZ, will continue as president of the company.
Edward C. Frost, the President and Chief Executive Officer of Cushman & Wakefield, said: “This transaction builds upon the considerable momentum we’ve achieved over the past 18 months and positions Cushman & Wakefield to deliver incremental values to clients worldwide from a broadened and strengthened global service platform”.
“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 Cushman & Wakefield team”.
TPG founding partner and 80.1% stockholder of Cushman & Wakefield, David Bonderman, added that EXOR has been great support in positioning of Cushman & Wakefield and “Once combined with DTZ, will be even better positioned to further capitalise on the real estate growth trends across the globe”.
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