UPDATE 2-Exor to sell Cushman & Wakefield to DTZ in a $2 bln deal
* Exor's net proceeds at $1.28 bln, capital gain of $722 mln
* Proceeds will help Exor pay for any future acquisition
* Exor may consider raising PartnerRe offer, sources say (Adds details, PartnerRe, analysts, shares, edits throughout)
MILAN, May 11 (Reuters) - Italy's Agnelli family has agreed to sell real estate services group Cushman & Wakefield to DTZ in a deal that values the U.S.-based firm at around $2 billion.
Exor, the Agnellis' investment vehicle, said the sale of its 75-percent Cushman stake will generate net proceeds of $1.28 billion, representing a capital gain of $722 million.
The deal will give Exor additional firepower should it seek to raise its bid for Bermuda-based reinsurer PartnerRe.
The merger of Cushman with Chicago-based DTZ, owned by private equity group TPG, PAG Asia Capital and Ontario Teachers' Pension Plan, will create one of the world's largest real estate services companies, Exor said in a statement on Monday.
The proceeds will help Exor pay for any future acquisitions as it seeks to diversify a portfolio which also includes controlling stakes in carmaker Fiat Chrysler and tractor maker CNH Industrial.
Last month Exor made a $6.4 billion all-cash offer for PartnerRe to try to trump a bid by Axis Capital Holdings as it seeks to branch out into financial services with its steadier and higher returns. Continued...