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C&W Buys South American Partner

NEW YORK CITY-The purchase pushes the company closer to its goal of achieving 50% of its revenues from outside the United States.

By Katie Hinderer | Updated on February 06, 2007

NEW YORK CITY-In the wake of purchasing partners in Canada, Russia and Mexico, Cushman & Wakefield has bought out its South American partner, Semco Group. The new firm will be called Cushman & Wakefield South America, and plans to increase local investment and strength its presence there.

“This is a key move to fully integrate our service platform throughout North and South America,” says Tony Marano, CEO of the Americas, in a statement. “From an outright ownership position, we will seek to accelerate our expansion and delivery of service offerings to meet the diverse needs of our clients.”

C&W and Semco have been joint venture partners since 1994, Celina Antunes, CEO of C&W for Central and South America, tells GlobeSt.com. At that time the companies split ownership 50/50. Then in 2002 C&W became the majority stake holder, owning 80% of the partnership. Now C&W purchased the last 20%, for an undisclosed price, according to a spokesman.

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