DTZ merges with Cassidy Turley

Published:  23 September, 2014

Deal creates world’s third-biggest property consultancy

TPG, PAG Asia Capital and Ontario Teachers’ Pension Plan, the consortium that agreed to acquire DTZ, has now unveiled plans to buy US property consultancy Cassidy Turley and to merge the two businesses.

DTZ’s full-service capabilities throughout Europe and Asia coupled with Cassidy Turley’s legacy of strong local market leadership and penetration in the U.S. will immediately position the new company as a top global commercial real estate services firm. The combination of Cassidy Turley and DTZ, which will retain the DTZ brand, will create a company with revenues of more than $2.9bn and more than 28,200 total employees.

The Consortium’s acquisition of DTZ is currently scheduled to close around October 31, 2014. The acquisition of Cassidy Turley is expected to close on December 31, 2014. Brett White, former chief executive officer of CBRE Group, is investing in the acquisition alongside the consortium and will be joining the board of directors once the DTZ transaction is completed, before becoming executive chairman of the new company in March 2015.

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