David Bonderman’s TPG Capital is in advanced talks to buy commercial property brokerage Cushman & Wakefield Inc. from Exor SpA, an Italian holding company owned by the owner of fiat, the Agnelli family. He wants to combine it with DTZ Group, which it bought last year, creating one of the world’s Largest real estate services firms. The deal is estimated to be worth about $2 billion, Bloomberg reported on Saturday, citing people familiar with the matter.
Bloomberg added that one person said there was no certainty the deal will be completed.
Cushman was put up for sale by its majority owner. According to Bloomberg, the company revenue was $2.85 billion last year. Net income rose 33 percent to $61.6 million from 2013. Fee and service revenues from the Asia-Pacific region climbed 25 percent.
A spokesman for Cushman did not return requests for comment outside of normal business hours.