Cushman & Wakefield and DTZ have reached a definitive agreement on Tuesday to merge and are set to become one of the largest global real estate services companies.
Cushman & Wakefield and DTZ have reached a definitive agreement on Tuesday 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 USD 5.5 billion, over 43,000 employees and will manage more than four 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.
“The companies have remarkably complementary skills and reach in different geographies - whether in New York, London or Shanghai, this will be a formidable combination," commented Brett White, who will assume the role of Chairman and Chief Executive Officer of the combined Company. White is an industry leader with over 30 years’ experience whose previous role was as CEO of CBRE.
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.
Both companies have been present in Central and Eastern Europe for a significant amount of time, so the merger will definitely have an impact on the market in the region.
