NEW YORK CITY—Cushman & Wakefield and its principal shareholders, TPG, PAG Asia Capital, and Ontario Teachers' Pension Plan Board, priced 45 million of its ordinary shares at $17 per share, listed on the New York Stock Exchange under the symbol “CWK” beginning Thurs., Aug. 2, 2018. In addition, C&W granted underwriters a 30-day option to purchase up to an additional 6.75 million ordinary shares at the public offering price, for $114.8 million.
The global real estate firm plans to use the IPO proceeds to reduce outstanding debt, repay its second lien loan, to pay amounts related to its acquisition of Cassidy Turley, and for general corporate purposes.
Concurrently, C&W sold a 4.9% ownership interest in the company to Vanke Service (HongKong) Co., Limited, a subsidiary of China Vanke Co., Ltd. With the IPO, a corporate restructuring of the company and its subsidiaries was undertaken, which resulted in a new English public limited company, Cushman & Wakefield plc, becoming the parent company of the group.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
