BRUSSELS: The European Commission said on Friday it had approved DTZ's planned purchase of peer Cushman & Wakefield Inc for an estimated $2 billion to create one of the world's largest real estate services companies.
The combined group, which will have more than $5.5 billion in annual revenue and 250 offices in more than 50 countries, will retain the Cushman & Wakefield name.
"The Commission concluded that the proposed acquisition would raise no competition concerns, because of the companies' low combined market shares and the presence of a number of strong competitors," the Commission said in a statement.
DTZ is the commercial real estate services company backed by private equity firm TPG Italian holding company Exor controls Cushman & Wakefield.
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