In a deal that will change the global real estate service landscape, DTZ, backed by TPG capital will acquire Cushman & Wakefield (C&W) for $2bn. The definitive agreement to merge the two companies will see them operate under the Cushman & Wakefield brand and serve as tough competition for the top two real estate service providers globally – JLL and CBRE.

In a statement released by DTZ, Brett White the Executive Chairman of DTZ who will be assuming the position of Chairman and Chief Executive of the new C&W said:

“DTZ is elated to be merging under the prominent Cushman & Wakefield brand. The companies have remarkably complementary skills and reach in different geographies – whether in New York, London or Shanghai, this will be a formidable combination,”

However even with this deal, the combined C&W and DTZ duo may still have smaller teams than JLL and CBRE in key growth markets across Africa where real estate investment interest is growing rapidly.