Exor closes $2 bln sale of Cushman & Wakefield to PE-backed DTZ: Reuters

Italian holding company Exor said on Wednesday it had closed this week the sale of Cushman & Wakefield to Chicago-based DTZ in a deal that valued the U.S. real estate services group at US$2 billion.

Exor pockets US$1.28 billion in net proceeds from the sale agreed in May, which generates a capital gain of US$722 million for the holding company of Italy’s Agnelli family.

DTZ, owned by private equity group TPG, PAG Asia Capital and the Ontario Teachers’ Pension Plan, will merge with Cushman to create one of the world’s largest real estate services companies, Exor said in May.

Update: DTZ’s backers, which acquired the company in 2014, said they will invest in the merged entity.

(Reporting by Valentina Za, editing by Isla Binnie)

(This story has been edited by Kirk Falconer, editor of peHUB Canada)

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