UGL finalises DTZ sale

Contractor expects net proceeds of between $1bn and $1.05bn from the deal, announces CEO succession.

UGL (UGL) has confirmed the long-gestating sale of its property arm, DTZ, to a private equity consortium including TPG Capital (TPG) for $1.215 billion, but surprised investors with the announcement of a CEO succession plan to be effected by the end of 2014. 

The group said it expects net proceeds of between $1bn and $1.05bn from the sale to TPG, PAG Asia Capital (PAG) and Ontario Teachers’ Pension Plan (OTPP).

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