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

Rhea-AI Summary

Cushman & Wakefield (NYSE: CWK) announced a proposed public offering of 12,500,000 ordinary shares to be sold by existing shareholders, with no proceeds going to the company. The underwriters will sell shares at market prices or negotiated prices. The last reported share price was $19.04. The offering includes a 30-day option for underwriters to purchase an additional 1,875,000 shares. J.P. Morgan and Goldman Sachs are joint-bookrunning managers. The company filed an automatic shelf registration statement with the SEC for this offering.

Positive

• Proposed offering of 12,500,000 shares could enhance liquidity for existing shareholders.
• Underwriters have an option to buy an additional 1,875,000 shares, indicating interest.

Negative

• Cushman & Wakefield will not receive any proceeds from the offering, limiting potential growth capital.
• Potential dilution of existing shares for investors.

Cushman & Wakefield plc (NYSE: CWK) (“Cushman & Wakefield”) announced today the launch of a proposed underwritten public offering of 12,500,000 ordinary shares. 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 underwriters will offer the shares from time to time for sale in negotiated transactions or otherwise, at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices. The last reported sales price of Cushman & Wakefield’s ordinary shares on August 11, 2021 was $19.04 per share. The selling shareholders include funds affiliated with TPG and PAG Asia Capital. The underwriters will have a 30-day option to purchase up to an additional 1,875,000 ordinary shares from the selling shareholders.

J.P. Morgan and Goldman Sachs & Co. LLC are acting as joint-bookrunning managers 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 preliminary prospectus supplement and accompanying prospectus may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, at (866) 803-9204 (toll free); or 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. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC.

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.

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FAQ

What is the proposed offering by Cushman & Wakefield (CWK)?

Cushman & Wakefield announced a proposed offering of 12,500,000 ordinary shares by existing shareholders.

Who are the underwriters for the CWK public offering?

J.P. Morgan and Goldman Sachs are acting as joint-bookrunning managers for the offering.

Will Cushman & Wakefield receive any proceeds from the offering?

No, Cushman & Wakefield will not receive any proceeds from the proposed offering.

What was the last reported sales price of CWK's shares?

The last reported sales price of Cushman & Wakefield's ordinary shares was $19.04 per share.

What options do underwriters have in the CWK offering?

Underwriters have a 30-day option to purchase up to an additional 1,875,000 shares from selling shareholders.