TPG in $1.3bn bid for DTZ

Private equit firm TPG has lobbed a $1.3bn bid for the real estate assets of UGL, sources say.

TPG Capital is preparing to pay $1.3 billion for the real estate arm of the utilities company UGL, equating to 10 times its earnings, sources say.

Private equity groups have been previously tipped to pick up UGL’s real estate arm, should the utilities company choose a trade sale over a demerger deal.

But it is believed that TPG is offering the highest price among those competing.

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