Australian property services group, UGL has acquired DTZ who are a shareholder of the commercial arm of Dublin's DTZ Sherry FitzGerald.
UGL acquired DTZ on a going concern basis for Stg77.5 million, plus an adjustment for cash.
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 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 E1.45 billion making UGL Services one of the largest participants in the global property services sector.
"This is an excellent strategic development for our business as it expands our global footprint in a complementary manner putting DTZ in top 3 global property companies. The strength of UGL's ownership gives full confidence and certainty to the future development of DTZ. We have a range of international clients (Facebook, LinkedIn and Zegna Games) who we offer Irish and Global property solutions to. We are looking forward to continuing to work closely with the global DTZ team and we are delighted with the strengthened brand that this opportunity brings," said Fintan Tierney, managing director, DTZ Sherry FitzGerald.
