M&A Deal Summary

Ontario Teachers Pension Plan and PAG Acquire DTZ Holdings

On June 16, 2014, pension Ontario Teachers Pension Plan and asset manager PAG acquired real estate company DTZ Holdings from UGL for 1.2B AUD

Acquisition Highlights
  • This is Ontario Teachers Pension Plan’s 2nd and PAG’s 1st transaction in the Real Estate sector.
  • This is Ontario Teachers Pension Plan’s 18th and PAG’s largest (disclosed) transaction.
  • This is Ontario Teachers Pension Plan’s 9th and PAG’s 1st transaction in the United Kingdom.

M&A Deal Summary
Date 2014-06-16
Target DTZ Holdings
Sector Real Estate
Buyer(s) Ontario Teachers Pension Plan
PAG
Sellers(s) UGL
Deal Type Divestiture
Deal Value 1.2B AUD

Target

DTZ Holdings

London, United Kingdom
website
DTZ Holdings is a provider of property services. DTZ provides occupiers and investors with end to end property solutions comprised of leasing agency and brokerage, integrated property and facilities management, capital markets, investment and asset management, valuation, building consultancy and project management. DTZ Holdings was founded in 1784 and is based in London, United Kingdom.

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Buyer(S) 2

Buyer

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

website

Category Pension
Founded 1990
PE ASSETS 242.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Teachers' Private Capital is the direct investment arm of the Ontario Teachers' Pension Plan. Teachers' Private Capital considers both private equity and venture related investments in North America, Europe, and Asia. Teachers' can support direct private equity investments between $100 million and $3 billion. Target sectors include business services, consumer products, retail, diversified industrials, financial services, technology, media, and communications. Teachers' Private Capital also makes private equity fund investments between $50 million and $750 million. Teachers' Private Capital was formed in 1991 and is based in Toronto, with additional offices in London and New York.

DEAL STATS #
Overall 70 of 174
Sector (Real Estate) 2 of 3
Type (Divestiture) 8 of 15
Country (United Kingdom) 9 of 20
Year (2014) 4 of 10
Size (of disclosed) 18 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-10 TierPoint

St. Louis, Missouri, United States

TierPoint is a provider of data center colocation, internet connectivity, managed services, cloud services, and disaster recovery services. TierPoint was founded in 2010 and is based in St. Louis, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-07 Alexander Forbes

Sandton, South Africa

Alexander Forbes is an insurance broker, asset multi-manager, and financial services company that impacts people’s lives by delivering insight and advice to individuals, employers, and retirement funds. The company has leveraged partnerships to provide specialist consulting services across 32 African countries to efficiently serve the holistic advice needs of multinational employers. Alexander Forbes was incorporated in 1935 and is based in Sandton, South Africa.

Sell -
Buyer

PAG

Hong Kong, China

Investor Investor Investor

website

Category Asset Manager
Founded 2002
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

PAG is a large independent alternative investment management group focused on private equity, real estate, and absolute returns. PAG’s private equity business, PAG Asia Capital or PAGAC, focuses on large-scale buyouts, control deals, and structured minority investments. PAG’s real estate strategy manages a series of real estate opportunity and core plus funds investing in properties in Japan, China and throughout Asia-Pacific. PAG’s absolute return business focuses on building long term relationships with its partners by offering a flexible range of financing solutions to meet short and long term funding needs. PAG was formed in 2002 and is headquartered in Hong Kong.

DEAL STATS #
Overall 1 of 5
Sector (Real Estate) 1 of 1
Type (Divestiture) 1 of 1
Country (United Kingdom) 1 of 1
Year (2014) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-08 Food Union

Riga, Latvia

Food Union is a provider of ice cream and other frozen treats to consumers in six European countries. Food Union is based in Riga, Latvia.

Buy -

Seller(S) 1

SELLER

UGL

North Sydney, Australia

website

Category Company
Founded 1970
Sector Construction
Revenue 1.8B AUD (2014)
DESCRIPTION

UGL is a provider of engineering, construction and maintenance services for rail, infrastructure and resources projects in Australia, New Zealand, and Southeast Asia. UGL was formed in 1970 and is based in North Sydney, Australia.

DEAL STATS #
Overall 1 of 1
Sector (Real Estate) 1 of 1
Type (Divestiture) 1 of 1
Country (United Kingdom) 1 of 1
Year (2014) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-05 DTZ Holdings

London, United Kingdom

DTZ Holdings is a provider of property services. DTZ provides occupiers and investors with end to end property solutions comprised of leasing agency and brokerage, integrated property and facilities management, capital markets, investment and asset management, valuation, building consultancy and project management. DTZ Holdings was founded in 1784 and is based in London, United Kingdom.

Buy AU$119M
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