- David Bonderman's TPG Capital agrees to buy Cushman & Wakefield for about $2B and will merge it with its DTZ unit, creating a real estate services firm with the scale to challenge industry giants CBRE (CBG) and JLL (NYSE:JLL) - a goal of DTZ chairman and former CBRE chief Brett White.
- TPG only bought DTZ late last year, and this year DTZ closed its purchase of Cassidy Turner. The combined companies have about $2.9B in annual revenue, a number that will jump to $5.5B after the Cushman merger.
- Source: Bloomberg