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IFIL Buys Majority Stake in Cushman & Wakefield

NEW YORK CITY-The holding company run by the Agnelli family takes a 67.5% stake in the service firm with its cash investment of $563 million. The deal values C&W at $975 million.

By Katie Hinderer | Updated on December 19, 2006

NEW YORK CITY-IFIL, the Italian holding company run by the Agnelli family, has purchased a 67.5% interest in Cushman & Wakefield, effectively replacing long-time owner Rockefeller Group International. IFIL will pony up $563 million for the buy. C&W’s management and employees will own 32.5% of the company’s equity, according to a statement released just in advance of a press conference, currently being conducted. IFIL has the option to acquire an additional 8.1% of the company.

Bruce Mosler will continue as president and CEO of the company. The board will be reshaped to include IFIL’s Carlo Sant’Albano, Alessandro Potestá, Michael Bartolotta and Pierre Martinet. Mosler, John Cushman and John Santora from C&W will round out the board members.

Earlier this month, sources confirmed to GlobeSt.com that IFIL was in talks with Rockefeller and C&W to buy the service firm. At the time, the deal was estimated to be worth $600 million.

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