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IFIL Buys Majority Stake in Cushman Wakefield for 563M

IFIL Group, the investment arm of the Agnelli family, owners of the Fiat automobile company, has signed an agreement to acquire a 67.5 percent stakeIFIL Group, the investment arm of the Agnelli family, owners of the Fiat automobile company, has signed an agreement to acquire a 67.5 percent stake in Cushman & Wakefield for $563 million in cash. IFIL will replace Rockefeller Group International, a New York City-based developer, as controlling shareholder of the world’s largest privately owned real estate services group. Cushman & Wakefield is based in New York City and has at least 57 brokers in New Jersey.

The transaction implies an enterprise value for Cushman & Wakefield of $975 million and values its equity capital at $834 million. IFIL may acquire as much as an additional 8.1 percent of the equity capital from Cushman & Wakefield management and employees, who will retain up to 32.5 percent of the company’s equity at the close of the transaction. Current CEO Bruce Mosler and the existing management team will continue to lead the firm.

The transaction requires regulatory approval and is expected to close near the end of January.

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