A consortium led by TPG Capital has agreed a A$1.2bn (£675m) deal to buy DTZ from UGL.
The consortium, including the Ontario Teachers’ Pension Plan and PAG Asia Capital, hopes to complete the purchase by September.
DTZ chief executive Tod Lickerman will stay on in the role and former CBRE Group chief executive Brett White will become executive chairman in March 2015.
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.
Reports in May said TPG emerged as the sole bidder for DTZ following a bidding deadline of 16 May. The US private equity firm was reported to be the only company from a four-strong shortlist to make a binding offer for the property services arm of UGL.
UGL said it expected net proceeds from DTZ’s sale of around A$1.1bn before taking into account capital gains tax and transaction costs.
Richard Leupen, UGL’s chief executive, said: “We believe a separation of the two distinct businesses is the right decision to allow both to solely focus on their own strategies and opportunities for growth unhindered.”
nick.whitten@estatesgazette.com
