Cushman & Wakefield Announces Pricing of Public Offering of Ordinary Shares by Selling Shareholders

Rhea-AI Summary

Cushman & Wakefield plc (NYSE: CWK) announced a public offering of 10,000,000 ordinary shares priced at $18.75 each, set to close on June 7, 2021. The offering is solely from existing shareholders, including TPG and Ontario Teachers’ Pension Plan, with no proceeds going to the company itself. An additional 1,500,000 shares may be purchased by underwriters within 30 days. Goldman Sachs is the sole underwriter. The SEC has previously registered the shares, and the offering documentation can be accessed free through the SEC’s website.

Positive

• Public offering of 10 million shares at $18.75 per share increases market liquidity.
• Potential for additional 1.5 million shares to be purchased by underwriters.

Negative

• Existing shareholders are divesting, which could indicate confidence issues in future stock performance.
• No proceeds for the company may limit their operational growth or investment opportunities.

Cushman & Wakefield plc (NYSE: CWK) (“Cushman & Wakefield”) announced today the pricing of an underwritten public offering of 10,000,000 ordinary shares at a price to the public of $18.75 per share. All of the ordinary shares are being offered by existing shareholders and Cushman & Wakefield will not receive any of the proceeds from the offering. The selling shareholders include funds affiliated with TPG, PAG Asia Capital and the Ontario Teachers’ Pension Plan Board. The underwriter will have a 30-day option to purchase up to an additional 1,500,000 ordinary shares from the selling shareholders. The offering is expected to close on June 7, 2021, subject to customary closing conditions.

Goldman Sachs & Co. LLC is serving as sole underwriter for the offering.

An automatic shelf registration statement relating to the ordinary shares to be sold in the offering was filed with the Securities and Exchange Commission (“SEC”) on November 12, 2019 and became effective upon filing. The offering may be made only by means of a prospectus supplement and the accompanying prospectus. You may obtain these documents for free by visiting the SEC’s website at www.sec.gov. Additionally, copies of the final prospectus supplement, when available, may be obtained from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing Prospectus-ny@ny.email.gs.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Cushman & Wakefield plc

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.

Forward-Looking Statements

All statements in this press release other than historical facts are forward-looking statements, which rely on a number of assumptions concerning future events, including whether or not the offering will be consummated. Such statements are also subject to a number of uncertainties and factors outside Cushman & Wakefield’s control. Such factors include, but are not limited to, uncertainty regarding and changes in global economic or market conditions and changes in government policies, laws, regulations and practices. Should any Cushman & Wakefield assumptions or these other uncertainties and factors materialize in ways that Cushman & Wakefield did not expect, actual results could differ materially from the forward-looking statements in this press release. While Cushman & Wakefield believes the assumptions underlying these forward-looking statements are reasonable under current circumstances, recipients should bear in mind that such assumptions are inherently uncertain. You are cautioned not to place undue reliance on such forward-looking statements or other information in this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210602006126/en/

FAQ

What is the price of the public offering announced by CWK?

The public offering is priced at $18.75 per share.

When is the CWK public offering expected to close?

The closing date for the offering is expected on June 7, 2021.

Who is the underwriter for the CWK offering?

Goldman Sachs & Co. LLC is serving as the sole underwriter.

How many shares are being offered in the CWK public offering?

Cushman & Wakefield is offering 10,000,000 ordinary shares.

Do proceeds from the CWK offering go to the company?

No, the proceeds from the offering will not go to Cushman & Wakefield.