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Deals & DealmakersMergers and Acquisitions

Cushman & Wakefield completes DTZ merger

The new Cushman & Wakefield announced the successful completion of the merger between Cushman & Wakefield and DTZ.

The deal creates one of the world’s largest real estate services firms, with a combined total of $5 billion in revenue, 43,000 employees, more than 4.3 billion square feet under management, and $191 billion in transaction value.

Cushman & Wakefield will be led by chairman and CEO Brett White and Global President Tod Lickerman. Cushman & Wakefield is majority owned by an investor group led by TPG, PAG, and OTTP.


“This is a game-changing event in commercial real estate,” said White. “Both legacy firms had been aggressively growing their respective platforms and deepening their reach into the market with new acquisitions and talent. Now we have the opportunity to see these ambitions come together – capturing the momentum in the market and clearly claiming our position at the top of the industry.”

Cushman & Wakefield now operates in more than 60 countries around the world and is positioned in every major market for continued growth.

Lickerman said, “The completion of the merger is a historic leap forward, but it isn’t the end of our journey. Today is an important milestone that propels us into a future rich with opportunity for our clients, our people, and our company.”

“The formation of the new Cushman & Wakefield is the next chapter in the most exciting growth story in the real estate industry,” said David Bonderman, TPG Founding Partner. “TPG is excited to partner with Brett and his management team as they continue to grow the business.”

“I am confident that our people, armed with exceptional resources and the excitement of being in the center of this powerful evolution of our industry, will deliver a level of service and quality to our clients equal to the very best our industry has to offer,” said White.

Milbank, Tweed, Hadley & McCloy LLP advised Cushman & Wakefield in the completion of its merger. Alexander M. Kaye, Practice Group Leader of Milbank’s Global Corporate Practice, and senior Corporate partner David E. Zeltner led the deal team on behalf of Cushman & Wakefield.

Other attorneys working on the transaction included partner Mike Shah, who handled employment, compensation and benefits, banking partner Mark Hanrahan, and associates Dean Sattler, Monica Arduini, Kelly Bartley and Joanne Luckey.

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