Cushman & Wakefield sells stake to Italian firm
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Cushman & Wakefield Inc., the world’s second-largest real estate services company, said an investment group controlled by Italy’s Agnelli family bought a majority stake in the company for $563 million.
The family’s Ifil Group will acquire a 67.5% stake, New York-based Cushman and Turin, Italy-based Ifil said. Ifil will replace Rockefeller Group International Inc. as the controlling shareholder. Cushman employees will retain a 32.5% stake.
The transaction will give the company a new long-term shareholder as Cushman seeks to extend its business in Europe and Asia.
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