Cushman & Wakefield and DTZ are to merge to form the second largest real estate advisory firm in the world with a combined revenue of $5.5bn (£3.5bn).
DTZ has agreed to buy C&W from the Agnelli family for $2bn to create a company with 42,000 global employees.
The DTZ name is to be scrapped in all regions bar China and Holland.
The company’s chairman Brett White will continue in his role and also assume the chief executive’s position. Cushman & Wakefield chief executive Edward Forst is to leave the firm. The deal is due to conclude in Q4 2015.
david.hatcher@estatesgazette.com
