Cushman & Wakefield and DTZ said Monday that they reached a definitive agreement to merge with DTZ's parent company, TPG Capital, paying $2 billion to buy Cushman from majority owner Exor SpA, including the assumption of debt.

Brett White, formerly CEO of CBRE, will be chairman and CEO of the combined company. He says Cushman and DTZ have “remarkably complementary skills and reach in different geographies. Whether in New York, London or Shanghai, this will be a formidable combination.”

He adds, however, that although “breadth and depth are important to serve clients, it's not just about size. It's also about local expertise and deep customer service, which are strong traits of Cushman & Wakefield and DTZ, and ultimately what will differentiate us going forward.”