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UGL announces the sale of DTZ for $1.215 billion

Staff Writer April 5, 2017
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UGL Limited has entered into a binding agreement to sell its global property services business, DTZ, to a consortium comprising TPG Capital, PAG Asia Capital and Ontario Teachers’ Pension Plan (together TPG and PAG Consortium) for an enterprise value of $1.215 billion.

As previously disclosed on 17 February 2014, UGL has undertaken a process to evaluate third party interest received in DTZ to determine whether a potential sale of the business is in the best interests of shareholders. Following completion of this process, the Board has determined to enter into a binding sale agreement with the TPG and PAG Consortium.

UGL Chairman, Trevor C. Rowe AO said: “Over the past eighteen months, the Board has carefully evaluated various options to determine the optimal corporate structure for UGL, recognising that UGL is comprised of two distinct and sizeable businesses which operate in different markets, with different geographic focuses and strategic requirements. The Board continues to believe a structural separation of DTZ and Engineering is in the best interests of shareholders, and will be beneficial for both our clients and our people.

The sale consideration will consist solely of cash and the sale is conditional on certain approvals from regulatory bodies, no material adverse change and other business-related conditions. The transaction is expected to be completed around the end of September 2014.

Under the terms of the sale agreement, UGL will also enter into a transition services agreement to facilitate business continuity and the orderly transfer of DTZ to the TPG and PAG Consortium until August 2015.

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