Cushman&Wakefield to be bought by US private equity giant

Cushman & Wakefield, the commercial property consultant, is on the verge of being snapped up by US private equity firm TPG.

The well-known company will be acquired as part of TPG's purchase of DTZ Group, the Sunday Times reported.

The private equity giant is buying the company from Exor, which put it up for sale back in February.

Exor is owned by the Agnelli family, who bought a 67.5% stake for $565.4m in 2006 and have since increased their holding to 81%.

Cushman's latest available results show it delivered a 22% jump in revenues to a record $2.5bn for the 12 months ended April 2014.