Cushman & Wakefield Acquired

An European investment company has acquired a majority stake in Cushman & Wakefield. The investor, IFIL Group, acquired a 67.5 percent stake in the brokerage for $563 million in cash. When the deal closes, IFIL will replace Rockefeller Group International Inc. as controlling shareholder of Cushman & Wakefield and Cushman’s management and employees will retain up to a 32.5 percent share. Four members of IFIL along with Cushman’s Bruce Mosler, John Cushman and John Santora will make up Cushman’s board. IFIL is the investment company dominated by the Agnelli family, most closely associated here with Fiat, but whose investments span numerous industries and whose members are among the most powerful business tycoons on the global scene. The company’s portfolio is worth about $11.7 billion and in 2005, IFIL reported net earnings of $1.43 billion. Its stock is traded on the Italian exchange. Cushman & Wakefield operates 197 offices internationally with 11,500 employees. Last year, the company recorded revenues of $1.23 billion. This year, the company said it expected to record EBITDA of $110 million. The Rockefeller Group acquired the company in 1976, providing capital for its international expansion.