|
UGL Limited today announced that it has successfully completed the acquisition of all of the trading operations of global real estate services company, DTZ for £77.5 million (A$119 million) cash from the Administrator of DTZ. DTZ was placed into administration in the UK immediately prior to the acquisition by UGL under a pre-pack transaction3, which was signed and completed simultaneously. All of the trading operations were transferred on a going concern basis and continue to trade normally. UGL acquired DTZ following an appropriate due diligence process.
The acquisition of DTZ will transform UGL’s property services business into one of the world’s largest, integrated end-to-end providers of property services, operating across all key geographic regions. The acquisition of DTZ broadens UGL’s property services offering and enhances its geographic footprint across Asia, the UK, Europe, Middle East and Americas.
The combination of UGL Services and DTZ will have annual revenues of A$1.9 billion making UGL Services one of the largest participants in the global property services sector4.
Following the acquisition of DTZ, UGL will have combined annual revenues of A$5.1 billion, approaching 53,000 personnel5 worldwide operating in around 240 offices in 43 countries and one of the broadest vertically integrated property services offerings globally.
With its beginnings in the UK in 1784, DTZ is a leading real estate services company operating in 145 cities across 43 countries. DTZ’s business consists of six service lines:
Occupational & Development Markets, Professional Services, Valuation, Investment Agency, Investment & Asset Management and Consulting & Research. DTZ holds a market leading position in property services in Asia and maintains a top 5 position in the UK6.
DTZ is one of the world’s largest and most respected names in property valuation undertaking valuations in excess of A$380 billion annually. DTZ holds the number one position in valuations in China and is top 3 in the UK and key markets in Europe. It also has a leading research capability with a global team providing research on commercial property markets worldwide.
Further, DTZ’s real estate investment and asset management businesses are best in class, with A$10 billion in real estate assets under management. The investment management business has the best performance track record of any UK fund manager7 and the asset management business was recognised as the European Property Manager of the year in 2009 by European Pensions.
UGL’s Managing Director and CEO, Richard Leupen said: “Combining UGL and DTZ will create one of the world’s largest property services businesses by revenue and capability allowing us to broaden our existing property services offering across a global footprint.
DTZ’s broad geographic reach will transform our ability to deliver an integrated full service offering to clients by enhancing our presence and capability in key growth markets such as Asia. We see significant opportunities for growth in Asia, particularly in China, where DTZ holds the leading market position in property services with 1,300 personnel in 18 cities.”
“The global trend to outsourcing is continuing and our clients are increasingly demanding an integrated end-to-end service offering which can be delivered by a single solutions provider across their entire global property portfolio. With a comprehensive property services offering and a total global workforce of nearly 40,000 personnel8, this transaction will allow UGL to capitalise on this growth opportunity”, Mr Leupen added.
“DTZ is a highly regarded business with a well-recognised and respected brand, having advised clients for over 225 years. We will continue to build on DTZ’s reputation for service excellence and grow our combined business by leveraging the quality and experience of our talent pool and expanded capabilities. The acquisition of DTZ is another key step in UGL’s journey to be the emerging leader in global property services.”
DTZ Chief Executive, John Forrester said: “We are delighted to be a part of the UGL family and recognise the enormous benefits this transaction will offer our clients and employees.
DTZ and UGL are an exceptional fit. We operate across a complementary geographic footprint, the services we offer clients will allow us to become the only truly vertically integrated provider of corporate solutions and we share the same cultural ethos in terms of focus on clients and results.”
UGL’s strong financial position provides DTZ with the support to continue to operate and grow across all of its markets.
“The strength of UGL's ownership can give full confidence for a very bright and stable future to DTZ's operations and staff. UGL’s ongoing investment in DTZ will allow the business to grow in combination with our existing A$1.3 billion property services business across the globe”, Mr Leupen said.
The acquisition of DTZ will be fully debt funded from new debt facilities with UGL’s conservative gearing levels maintained. The acquisition is expected to be marginally earnings per share9 accretive from FY2012, growing more strongly thereafter.
Mr Leupen commented: “UGL has a strong track record of successfully integrating acquisitions and maximizing value for shareholders. We believe that the combined UGL and DTZ platform provides UGL with a significant opportunity to deliver strong growth for UGL shareholders.”
Goldman Sachs acted as exclusive financial adviser to UGL on the acquisition.
Fonte: CS della Società
|
