Cushman & Wakefield dips as PE firms to exit in secondary offering

Cushman & Wakefield

20/05/2024 14:44

** Cushman & Wakefield's  CWK.N  shares down 1.3% at $11.57
early Mon after real estate services firm launches secondary
offering
    ** CWK threatening to snap 7-session winning streak
    ** Co says funds affiliated with PE firms TPG and PAG Asia
Capital to sell ~26.5 mln shares with JP Morgan as sole
underwriter
    ** With the offering, PE firms TPG  TPG.O  and PAG Asia
would fully divest combined 11.6% stake, per SEC prospectus
filing
    ** Co has ~229.1 mln shares outstanding for roughly $2.7 bln
market cap
    ** With move on the session, CWK up ~7% YTD and up nearly
50% over the past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))