TPG-led consortium agrees $1bn-plus deal for UGL property arm


building_office_glassGlobal buyout house TPG Capital has reportedly agreed a $1.14bn deal for the property arm of Australian engineering services business UGL as head of an investor consortium.

The buyout team includes Hong Kong private equity firm PAG and Canadian LP the Ontario Teachers’ Pension Plan according to Reuters, which cited a source with direct knowledge of the matter.

It added that a deal for DTZ could be done as early as today.

UGL is currently attempting to cut debt amid a slowdown in revenues for its core engineering services business.

DTZ provides services including leasing, consulting and facilities management and employs more than 24,000 people across 52 countries.

Copyright © 2014 AltAssets