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Bonderman’s TPG Purchases Cushman & Wakefield for $2 Billion

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David Bonderman’s TPG Capital agreed to buy Cushman & Wakefield Inc., the largest closely held commercial-property brokerage, for about $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 $1.28 billion by selling a 75 percent stake in Cushman, according to a statement Monday. Combining Cushman with DTZ will create a real estate services firm with an estimated $5.5 billion in annual revenue operating under the Cushman name, which has almost 100 years of brand equity.