Gilbert + Tobin is advising a consortium led by U.S. private equity giant TPG Capital on its planned $1.14 billion acquisition of the property services division of Australian engineering company UGL Ltd.
TPG, along with Hong Kong-based private equity fund PAG and Ontario Teachers’ Pension Plan, are buying UGL’s DTZ unit, which offers real estate investment and property management services in 52 countries. The deal is expected to close in September.
The Sydney-based company is shedding the unit in order to focus on its core engineering and construction businesses in Australia, New Zealand and Southeast Asia.
Gilbert + Tobin Melbourne partner Neil Pathak is advising the TPG-led consortium. Cleary Gottlieb Steen & Hamilton Hong Kong partner Michael Preston is serving as international counsel.*
Herbert Smith Freehills Sydney partners Philippa Stone and Philip Hart are representing UGL on the deal.
*Updated, 6/18/14: This story was updated to include the role of Cleary Hong Kong partner Michael Preston as adviser to the TPG-led consortium.