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Monday, 5 December 2011

DTZ in pre pack administration

DTZ, once one of the most respected surveying firms in the property industry, has been sold in a pre pack administration to Australian engineering firm UGL as we predicted in our blog of 8th November.  The firms shares fell to as low as 3p last week from an historic high of £8 in 2007 when the firm was valued at £500m

Ernst & Young, which arranged the pre-pack, said DTZ's assets had been sold  for £77.5m, "plus an adjustment for cash"...

The good news is that some 4,700 jobs have been saved.  UGL has been able to buy the assets of DTZ and the staff at a relatively low price given that a previous deal valued the firm at £162m which subsequently fell through due to the Eurozone crisis.   Consequently UGL has been able enhance their standing in Asia as DTZ has held top position in the region.

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