Agnelli's Ifil Buys Majority Stake In Cushman & Wakefield

Italian holding company Ifil said it had agreed to pay $563 million for 67.5% of U.S. commercial property giant Cushman & Wakefield.

Ifil, controlled by the Agnelli family, also said in a statement it had the option to buy another 8.1% from Cushman's management and employees, who would jointly own the remaining 32.5% of the property giant.

Ifil, whose stock was off 0.19% at 6.30 euros in Milan after the announcement, said it expected to close the deal by the end of January 2007.

It said it would finance the purchase with its own cash.

The deal will result in Ifil replacing Rockefeller Group International as Cushman's majority shareholder. Rockefeller is owned by Japan's Mitsubishi Estate.

Ifil said the purchase price for the stake gave Cushman an enterprise value of $975 million and an equity value of $834 million.

The news comes more than a week after Ifil confirmed a news report it was interested in Cushman.

For the six months to September, Mitsubishi's overseas business revenues came in at 87.8 billion yen, 75% of which was generated at Cushman.