Cushman & Wakefield Is for Sale
Top brokerage Cushman & Wakefield is for sale and expected to go for about $2B. Sources told the Wall Street Journal that the firm's investment division, Exor, has signed off on the sale and brought on Goldman Sachs and Morgan Stanley to court interested parties. C&W, which is controlled by the Agnelli family of Italy, has 16K employees across 60 countries and is generally considered to be one of the top three global brokerages along with CBRE and Jones Lang LaSalle.
The Agnelli family, which co-founded Fiat, currently controls 81% of the company, a jump from just eight years ago when it paid $565M for a 67.5% stake. Sources said the Agnellis were not keen on selling New York-based C&W to either of its two main rivals and would focus its search on private buyers.
