David Bonderman’s TPG Capital has announced that it will buy commercial property broker Cushman & Wakefield for around $2 billion. The company will be merged with Bonderman’s Texas based DTZ unit, creating a real estate firm with an estimated $5.5 billion in annual revenue. TPG is said to be in advanced talks with the Agnelli family’s Italian holding company Exor S.p.A. to buy their 75% stake in the property giant. Cushman and Wakefield said the new brokerage will have over 43,000 employees. The deal is expected to close in the fourth quarter and a deal could be announced as early as next week.
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