UGL said talks over the sale of DTZ continue but no terms have been agreed, following reports that TPG could complete a deal for the agent imminently.
In response to an Australian Financial Review report that private equity giant TPG is set to clinch a deal to buy UGL’s property services business for around $1.2bn (£660m) by tomorrow, UGL said discussions are yet to reach a conclusion.
The Sydney-listed firm said: “UGL confirms that, in line with its previous advice to the market, while it has received confidential and conditional proposals from third parties to acquire DTZ, no terms have been agreed and discussions are yet to reach a conclusion.
“UGL notes there is no guarantee this process will result in a binding offer for DTZ and all options are still being considered, including a demerger of DTZ.
“UGL will inform the market in respect to any material developments when the company is in a position to do so.”
Texas Pacific Group tabled its bid for DTZ last month, with Warburg Pincus, Carlyle Group, Pacific Equity Partners and Blackstone also linked to the firm.
UGL appointed Goldman Sachs to undertake a strategic review of DTZ and to consider a prospective demerger in March last year, which led to unsolicited bids for the property services firm.
bridget.o’connell@estatesgazette.com
