Sydney-based UGL has sold its global property consultancy business, DTZ, to a consortium for AU$1.2 billion (S$1.42 billion).
The consortium consists of TPG Capital (TPG), PAG Asia Capital (PAG) and Ontario Teachers’ Pension Plan (OTPP).
The transaction is expected to be completed by September 2014.
According to UGL Chairman Trevor C. Rowe, the board believes that the separation of DTZ and engineering-focused UGL as well as the subsequent sale of the former will serve the best interest of its stockholders, given that these two distinct businesses operate in different markets with varying geographic focuses and strategic requirements.
“The sale price represents a fair valuation for DTZ. The board also believes that the TPG and PAG Consortium are best placed to support the strong future growth potential of DTZ as it becomes one of the dominant global property services players, ensuring the long term interests of our clients and our people are maximised,” he added.
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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