TPG in $1.3bn bid for DTZ
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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.
Others named as potential contenders for the DTZ business have included Carlyle Group, Pacific Equity Partners and Warburg Pincus.
No formal sales process has been under way, but Goldman Sachs has been working closely with the company.
UGL has declined to comment. Some had previously wondered whether UGL would proceed with the demerger plans if it were unable to secure the right price for a trade sale, given that earnings from the real estate arm were strengthening.
In the last financial year, DTZ delivered its 11th consecutive year of earnings growth, representing 46 per cent of the company’s overall revenue.
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