June 13, 2014 / 6:54 AM / 4 years ago

TPG agrees to buy Australia property firm DTZ from UGL for $1.1 bln -source

HONG KONG, June 13 (Reuters) - A consortium led by global private equity firm TPG Capital Management LP has agreed to buy the property arm of Australian engineering services company UGL Ltd for A$1.215 billion ($1.14 billion), a source with direct knowledge of the matter told Reuters on Friday.

UGL put the unit DTZ on sale to cut debt as its main engineering services division faces declining revenues due to a slowdown in the Australian mining sector.

TPG’s consortium partners include Hong Kong private equity firm PAG and Canada’s Ontario Teachers’ Pension Plan, the source added.

A deal is expected to be signed as early as Friday, the source said, declining to identified as the decision is not public yet.

UGL was not available for immediate comment, while TPG declined to comment.

PAG and OTPP could not be immediately reached for comment. ($1 = 1.0620 Australian Dollars) (Reporting by Stephen Aldred; Additional reporting by Byron Kaye in SYDNEY; Editing by Denny Thomas and Ryan Woo)

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