June 16, 2014 / 1:22 AM / in 4 years

UGL confirms $1.1 bln sale of property arm to TPG consortium

SYDNEY, June 16 (Reuters) - Australian engineering services company UGL Ltd confirmed the cash sale of its property arm to a consortium of TPG Capital Management, PAG Asia Capital and Ontario Teachers’ Pension Plan for A$1.215 billion ($1.14 billion).

Sydney-based UGL put global real estate services company DTZ up for sale a year ago to cut debt as its main engineering services division faces declining revenues due to a slowdown in the Australian mining sector.

The vendor will net A$1 billion to A$1.05 billion after sale costs and is considering “a range of options for the efficient use of net proceeds”, UGL said in a statement to the Australian Securities Exchange on Monday.

UGL shares fell in a flat overall market and were trading down 0.43 percent at A$6.91 at 0115 GMT. ($1 = 1.0639 Australian Dollars) (Reporting by Byron Kaye; Editing by Ryan Woo)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below