AUSTRALIAN engineering firm UGL said overnight it had acquired all the trading operations of real estate services company DTZ Holdings for £77.5m.
DTZ was placed into administration in the UK immediately prior to the acquisition.
In a statement, UGL said that, after the buyout, it will have combined annual revenues of A$5.1bn (£3.4bn) and 53,000 workers in 43 countries.
It will also expand UGL’s reach into Asian markets, where DTZ has held a top position in property services.
DTZ, which was founded in the UK in 1784, will also boost UGL in the field of property valuation. DTZ was ranked top for valuations in China, and in the top three in the UK and European markets. UGL also praised DTZ’s A$10bn real estate assets under management.
UGL managing director and chief executive Richard Leupen said the deal would be fully funded from new debt facilities. Goldman Sachs was exclusive advisor on the acquisition.
The deal appears a relative bargain for UGL, after another deal with Saint George Participations and BNP Paribas, that reportedly valued DTZ at £162m, fell through due to Eurozone economic turmoil. Shares in DTZ fell as low as 3p last week, having started the year worth 45p each.