Private Equity Firms Tpg Pag Selling Shares Cushman Wakefield Worth Us31073 Mil
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A recent prospectus filed with the Securities and Exchange Commission (SEC) on May 20 has revealed that private equity firms TPG and PAG Asia Capital, along with their related funds, are divesting all their shares in Cushman & Wakefield (C&W), a leading real estate advisory services company. The sale, which is being done through an underwritten public offering by JP Morgan, will see TPG and PAG offloading a total of over 26.5 million ordinary shares of C&W, with a total value of approximately US$310.73 million based on the closing share price of $11.72 per share.
According to a company announcement on May 20, C&W will not receive any proceeds from the offering. The shares are being resold by the former owners of C&W, with TPG holding about 7.5% of the company’s outstanding shares and PAG holding about 4.1%, as of May 17, 2024.
This sale comes a decade after TPG and PAG, in partnership with Ontario Teachers’ Pension Plan, acquired the London-based DTZ from UGL Limited for an enterprise value of US$1.215 billion in June 2014. The following year, the consortium acquired Chicago-based C&W for US$2 billion. The successful merger of DTZ and C&W in 2015 made C&W one of the largest players in the commercial real estate services sector, alongside NYSE-listed companies CBRE and JLL.
C&W’s initial public offering on the NYSE in August 2018 saw the company offer 45 million ordinary shares at US$17 per share. However, the company’s current share price of US$10.79, as of May 24, 2024, reflects a decline in value over the years. In the first quarter of 2024, the company reported a revenue of nearly US$2.185 billion, a 3% decrease from the previous year, with a narrowed net loss of US$28.8 million, compared to the US$76.4 million loss in the same period the year before.
In comparison, CBRE and JLL have seen continuous growth in their revenues and profitability. In the first quarter of 2024, CBRE recorded a revenue of US$7.94 billion, a 7.1% increase from the previous year, with a net income of US$126 million, up 8%. JLL’s revenue for the same period was US$5.12 billion, a 9% increase year-on-year, with a net income of US$66.1 million, up 818% from a loss of US$9.2 million.
In the midst of this divestment, CDL has also announced plans to divest its freehold strata units at Cititech Industrial Building and Citilink Warehouse Complex for $149 million. This is part of CDL’s ongoing strategy to focus on its core business and streamline its portfolio.