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UGL Takes Over DTZ Operations for $121M

SYDNEY-The holding company of London-based DTZ has declared itself insolvent, with its shares removed from public listing.

By Robert Carr | Updated on December 05, 2011

SYDNEY-Instead of an outright transfer, locally-based UGL Ltd. has purchased the trading operations from London-based DTZ Holdings plc for about $121 million. Prior to the sale, the DTZ holding company went into administration (similar to bankruptcy in the United States).

On Nov. 8, DTZ had chosen UGL Services to take over, a move that will create a property management division with revenues of almost $2 billion. On Nov. 7, the shares of DTZ had plunged about 90% to $5 per share when the firm announced that given its level of debt there was minimal share value.

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