SYDNEY--TPG Inc. is the sole bidder for the DTZ property
services unit of Australian engineering company UGL Ltd. (UGL.AU)
after a deadline for final offers passed, a person familiar with
the matter said Monday.
The U.S. private equity firm was the only company to make a
fully financed bid from a shortlist of four interested parties, the
person said.
UGL Chief Executive Richard Leupen said May 9 that the company
was seeking offers well above 1 billion Australian dollars (US$937
million), but would likely proceed with a demerger of the business
if bidders didn't meet its price tag.
On Monday, the Australian Financial Review newspaper reported
that TPG made a fully financed offer, while the other three
short-listed parties could only offer letters of interest. The
interested parties are thought to have valued DTZ at between A$1.0
billion and A$1.2 billion, lower than UGL's hope for offers
exceeding A$1.2 billion, the report said.
Write to Ross Kelly at ross.kelly@wsj.com
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