DTZ Talking to Lenders for $2B Cushman & Wakefield Deal
London-based DTZ is talking to lenders to drum up support for a possible acquisition of Cushman & Wakefield to the tune of $2B. DTZ executive chairman Brett White will meet with lenders from a Who’s Who of big banks today at a meeting in New York, including Bank of America, Citigroup, JP Morgan, HSBC and Merril Lynch. A loan would be for $1.3B, the Australian Financial Review reports. A deal would involve equity contributed by the global private equity firm TPG, which owns DTZ. If DTZ buys Cushman, it will become the second-biggest real estate services firm in the world by revenue—bigger than JLL but still smaller than CBRE. Sources tell the ARF that Cushman's strong brand recognition will probably mean the 98-year-old name will stay. DTZ finalized the acquisition of Cassidy Turley this past January. Bids for a possible Cushman deal are due in less than two weeks. [AFR]
