TPG, PAG lead $1.2b acquisition of property manager DTZ
TPG Capital and PAG Asia Capital, together with co-investor Ontario Teachers' Pension Plan (OTPP) have agreed to buy DTZ, the property services arm of Australia-listed UGL, for an enterprise valuation of A$1.215 billion ($1.2 billion).
UGL bought UK-based DTZ in 2011 as a distressed asset, paying GBP77.5 million (A$129.5 million). Struggling with high debts and declining profits within its core engineering services business, UGL planned...
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