A private equity-backed consortium has acquired Australian property services business DTZ for A$1.215bn.
Private equity firms TPG Capital and PAG Asia Capital and the Ontario Teachers Pension Plan have agreed to buy the company from Australian engineering group UGL.
UGL said that the consortium “is 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.”
It was previously reported that a number of private equity firms including Warburg Pincus were interested in the company, which operates in Australia, the US and China.
DTZ provides services including leasing, consulting and facilities management and employs more than 24,000 people across 52 countries.
Earlier this year it was reported that TPG and Carlyle hired two banks to manage a sale of Australian private hospital operator Healthscope.
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