September 2, 2015 / 6:30 AM / 3 years ago

Exor closes $2 bln sale of Cushman & Wakefield to DTZ

MILAN, Sept 2 (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 $2 billion.

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

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

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