DTZ will buy Cushman & Wakefield in $2.04B deal combining privately held real estate firms

Cushman & Wakefield and DTZ say they will combine in a deal creating one of the world's largest real estate companies.

Exor, an Italian investment firm that owns most of Cushman & Wakefield, says DTZ will buy Cushman for $2.04 billion. The two privately-held companies say that together, they will have $5.5 billion in annual revenue and manage more than 4 billion square feet of real estate.

The combined company will be called Cushman & Wakefield.

Chicago-based DTZ is owned by TPG Capital, PAG Asian Capital, and the Ontario Teachers' Pension Plan. Cushman & Wakefield is based in New York.