Real estate firm DTZ acquires Cushman & Wakefield for $2 billion

DTZ is acquiring Cushman & Wakefield for a reported $2.04 billion, and the new company will use the Cushman & Wakefield brand providing real estate services worldwide.

Exor SpA, an Italian investment firm that owns most of New York-based Cushman & Wakefield, told the Associated Press that global real estate firm DTZ will buy Cushman for $2.04 billion. The deal is expected to close by the end of the year, subject to regulatory approval.

The new company will have revenue of more than $5.5 billion, more than 43,000 employees and will manage more than 4 billion square feet globally on behalf of institutional,…