Bonderman's TPG agrees to buy Cushman & Wakefield for about US$2b

New York

DAVID Bonderman's TPG Capital agreed to buy Cushman & Wakefield Inc, the largest closely held commercial-property brokerage, for about US$2 billion including debt and merge the company with its DTZ unit.

Exor SpA, the Agnelli family's Italian holding company, will generate net proceeds of US$1.28 billion by selling a 75 per cent stake in Cushman, according to a statement on Monday.