IFIL, the investment vehicle of Italy's Agnelli family, is to acquire a 67.5% stake in Cushman & Wakefield, the world' largest privately-held real estate advisor, for EUR 430 mln.
IFIL, the investment vehicle of Italy's Agnelli family, is to acquire a 67.5% stake in Cushman & Wakefield, the world' largest privately-held real estate advisor, for EUR 430 mln.
A preliminary agreement signed Tuesday means IFIL will replace long-time owner Rockfeller Group International, a wholly-owned subsidiary of the Mitsubishi Estate Company.
The Agneilli's company also has the option to acquire an additional 8.1% of C & W. On the other hand, C & W's management and employees will retain up to 32.5% of the company's equity.
A press release issued by C & W said the acquisition will primarily be financed by IFIL's existing cash resources. Bruce Mosler will continue as president and ceo of C&W, while the board will be reshaped to include IFIL's managing director Carlo Sant'Albano, as well as Alessandro Potesta, Michael Bartolotta and Pierre Martinet.
The transaction implies an enterprise value for C&W of EUR 744 mln, and values its equity capital at EUR 637 mln.
Mitsubishi Estates was the previous majority shareholder with a 70% stake in C & W. Its stake was estimated by analysts at EUR 489 mln, the Financial Times reported.
Earlier in December, IFIL confirmed media speculation that it was considering investing in C & W. Ifil is the investment company of the Italian Agnelli Family, founders of the Fiat car company. Earlier on Tuesday, Italy's national press agency ANSA reported Agnelli Family was close to the acquisition, through which the Italian family is to re-enter into the US market.
C & W was founded by Clyde Cushman and Bernard Wakefield in New York City in 1917. It now has 192 offices in 58 countries and more than 11,000 professionals who help the firm's clients - landlords, tenants, and investors - to buy, sell, finance, lease, and manage property assets.