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C&W Bucks Merger Trend With Changing Ownership

NEW YORK CITY-IFIL's purchase of 67.5% of C&W is part of a strategic plan to expand both companies platforms and identify additional investment opportunities.

By Katie Hinderer | Updated on December 19, 2006

NEW YORK CITY-While speakers at Cushman & Wakefield’s press conference Tuesday avoided comparing C&W to other real estate firms, they made it clear IFIL buying majority stake in the company from Rockefeller Group International was a way of combating the merger trend sweeping the industry. The $563 million all cash deal is expected to close by the end of January.

“Our new partnership with IFIL will preserve Cushman and Wakefield as the only firm of its kind that is unburdened by debt or by issues of operational integration. It ensures that we will continue our commitment to our culture which is absolutely fundamental,” C&W CEO Bruce Mosler said. He went on to say IFIL perceives the company’s value based on “Their long-term horizon for us to grow our biz and a rare opportunity to enhance our stature as the global firm of choice in a rapidly consolidating marketplace.”

Mosler declined to comment on how the transaction would pair C&W to CB Richard Ellis, but said, “”I think what it does is it puts us in a great position to continue what we have begun with RGI, which is creation of an alignment of interests between our employees and majority shareholder. It puts us in a position to take advantage of the opportunities in the market place in a meaningful way.”

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