An affiliate of DTZ Investment Holdings has agreed to purchase national commercial real estate firm Cassidy Turley.
Cassidy Turley entered into an agreement with the affiliate, backed by TPG, PAG Asia Capital and Ontario Teachers’ Pension Plan, to sell 100 percent of the equity interests of Cassidy Turley. The consortium’s acquisition of DTZ is scheduled to close sometime near Oct. 31. The acquisition of Cassidy Turley is expected to close on Dec. 31.
The combination of Cassidy Turley and DTZ will create a company with revenues of more than $2.9 billion and more than 28,200 total employees.
“We are confident that this combination is an excellent cultural fit as well as an opportunity to partner with a global brand,” said Joseph Stettinius, Jr., Cassidy Turley chief executive officer, in a written statement.