HONG KONG, June 13 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
A deal is expected to be signed as early as Friday, the
source said, declining to identified as the decision is not
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)