UGL said it welcomes the TPG consortium’s acquisition of the Washington-based Cassidy Turley and its intension to combine the business with DTZ, the real estate division which UGL had agreed to sell to TPG earlier this year.
“Today’s announcement of the intention to combine Cassidy Turley with DTZ contingent on the completion of the DTZ sale to the TPG consortium is a positive development for both companies,” said UGL’s managing director and CEO Richard Leupen in a statement.
The potential combination of the two will reinforce DTZ’s position as a leading global property services company, Mr Leupen added.
The TPG consortium comprises of TPG Capital, PAG Asia Capital and Ontario Teachers’ Pension Plan, which agreed to buy DTZ from UGL for about $1.2 billion.
UGL also said that TPG would complete the purchase of DTZ in early November.