Herbert Smith Freehills has advised UGL Limited (ASX:UGL) on the completion of the sale of its global property services business, DTZ, to a consortium comprising TPG Asia, Inc, PAG Asia Capital and Ontario Teachers’ Pension Plan (together TPG and Partners) for A$1.215 billion. The deal was signed on 14 June 2014 and closed on 5 November 2014.
Herbert Smith Freehills advised UGL both on its previously announced potential demerger of its DTZ and Engineering businesses and on the sale to TPG and Partners.
The Herbert Smith Freehills team was led by partners Philippa Stone and Phillip Hart and solicitors Thomas Cooper, Ben Robinson and Zain Kazi. Partners Emma de Carle and Keith Robinson and senior associates Charlotte Alexander and Alfonso Valenti assisted with the banking and separation aspects of the transaction.
Mr Hart said “It has been a pleasure to work with the UGL team on bringing this major transaction to close before year end. Completion of this sale is a major strategic milestone for UGL and demonstrates the continued strength of the local M&A market.”
Ms Stone said “We are delighted to have assisted our long standing client, UGL in achieving an outstanding outcome.”
Goldman Sachs acted as exclusive financial adviser to UGL and Gilbert + Tobin advised TPG and Partners on the transaction.
Source: www.herbertsmithfreehills.com
