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DTZ looks to bid $2B for Cushman

Acquisition would create second-largest property services firm in the world

From left: Brett White, an old Cushman & Wakefield office in New York and Cushman’s Edward Forst
From left: Brett White, an old Cushman & Wakefield office in New York and Cushman’s Edward Forst

DTZ Group, London-based commercial real estate brokerage, is seeking support for a $2 billion bid to acquire rival firm Cushman & Wakefield.

DTZ executive chair Brett White will address lenders as the Chicago firm looks to fund the purchase of New York-based Cushman & Wakefield by raising an additional $1.3 billion in the Term Loan B market.

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The loan would be on top of $1 billion of existing facilities in place, according to the Australian Financial Review. Should DTZ succeed in buying Cushman & Wakefield, it would create the second-largest property services firm in the world — behind CBRE Group and just ahead of JLL — in terms of revenue, according to analysts.

In February, Cushman & Wakefield hired Goldman Sachs and Morgan Stanley to put the company on the market. The firm itself acquired investment sales brokerage Massey Knakal Realty Services for $100 million in December. [Financial Review] – Rey Mashayekhi

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CBRECushman & WakefieldDTZMassey Knakal Realty Services