DTZ and C&W finalizes merger

DTZ  confirmed it has made a bid offer to acquire its rival, Cushman & Wakefield (C&W), one of the world's largest consulting companies. The huge transaction is valued at $2 billion. As a result of the deal, a firm with combined revenues of over $5.5 bln will be established. According to the media reports, it will operate under the Cushman & Wakefield brand. DTZ is supported by a consortium of investors including private equity company TPG, PAG Asia Capital, an alternative investment manager, as well as the Ontario Teachers' Pension Plan. The combined firm, carrying the iconic Cushman & Wakefield brand, becomes one of the largest commercial real estate services firms in the world. The new firm draws on the best of both legacy organisations, with $5 billion in revenue, 43,000 employees and more than 4.3 billion square feet under management, and $191 billion in transaction value. The combined firm, led globally by Chairman and Chief Executive Officer Brett White and President Tod Lickerman, now operates in more than 60 countries around the world and is well positioned in every major market for continued growth.