Cushman hiring Goldman, Morgan to find buyer

Seattle

CUSHMAN & Wakefield Inc, the commercial real estate brokerage controlled by Italy's Agnelli family, hired Goldman Sachs Group Inc and Morgan Stanley to find a buyer for the company, said two people with knowledge of the hiring. The New York-based property-services company, majority owned by Exor SpA, is seeking about US$2 billion and wants to find a buyer that isn't a direct competitor, said the people, who asked not to be identified because the plans are private.

"As is the normal course of business, both Cushman & Wakefield and Exor continually seek ways to further enhance the businesses, create value and further accelerate their plans," Cushman said in a statement. "There is currently no transaction to disclose, nor guarantee that such a review may result in any transaction involving Cushman & Wakefield." Mary Claire Delaney, a spokeswoman for Morgan Stanley, and Michael DuVally, a Goldman spokesman, declined to comment on Cushman seeking a buyer. Cushman's plans were reported earlier on Tuesday by the Wall Street Journal.