The Italian Agnelli family, who also owns car manufacturer Fiat Chrysler, has sold real estate company Cushman & Wakefield to its competitor DTZ for two billion dollars (1.8 billion euro).
Cushman & Wakefield, founded in 1917 in New York, currently has 250 offices in 60 countries and employs 16,000 people. It gained a foothold in Europe when it acquired British real estate broker Healey & Baker. In 2007, the Agnelli family took control through its investment firm Exor. Prior to that, the Rockefeller Group used to be a long-time majority shareholder.
Exor has now sold its 75 % stake to its competitor DTZ, a Chicago-based company which offers several real estate services. DTZ currently employs 28,000 people in 260 offices in 50 countries. Venture capitalist group TPG Capital took control of DTZ last year.