Firms: Herbert Smith Freehills (UGL Limited); Gilbert + Tobin (TPG and Partners)
Deal: UGL Limited sells its global property services, DTZ, to a consortium which includes TPG Asia
Value: $1.215 billion
Key Players: The HSF team was led by partners Philippa Stone and Phillip Hart (pictured) and solicitors Thomas Cooper, Ben Robinson and Zain Kazi. Other lawyers from the firm included 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. “Completion of this sale is a major strategic milestone for UGL and demonstrates the continued strength of the local M&A market,” said Hart.
G+T acted for TPG and Partners. Melbourne-based corporate partner Neil Pathak led his firm’s team with solicitor Nick Li. Partner John Schembri and solicitor David Kirkland advised on banking aspects and partner Cameron Whitfield advised on transitional/separation matters with solicitor Albert Yuen
Deal Significance: Sydney’s UGL provides construction, maintenance and asset management services to the rail, resources and infrastructure sectors. It has a global client base and operations throughout Asia, North America and the Middle East. In 2013 UGL announced its intention to demerge and to sell DTZ. A private equity consortium comprising TPG Capital (TPG), PAG Asia Capital (PAG) and the Ontario Teachers’ Pension Plan (OTPP) purchased DTZ for $1.215 billion. The sale was completed on 30 October.