DTZ sold to consortium for £650m

AUSTRALIAN engineering services company UGL has agreed the cash sale of property agency DTZ to a consortium for £650m.
 
UGL bought London-based DTZ – which has a network of regional offices including Birmingham – in 2011 for £77.5m and merged its property services business into it.
 
It has been acquired by TPG Capital Management, PAG Asia Capital and Ontario Teachers’ Pension Plan.
 
Sydney-based UGL put DTZ up for sale a year ago to cut debt as its main engineering services division faced declining revenues due to a slowdown in the Australian mining sector.
 
It is considering “a range of options for the efficient use of net proceeds”.