UGL to Sell DTZ for $1.215 Billion

SYDNEY, CHICAGO—UGL Limited has just entered into an agreement to sell DTZ, a global property services firm headquartered in Chicago, to a private equity consortium for $1.215 billion. Officials from the Sydney-based firm say they will complete the deal with TPG Capital, PAG Asia Capital and Ontario Teachers’ Pension Plan by September. Company officials could not be reached by deadline, but GlobeSt.com will provide updates and additional information this week.

As reported in GlobeSt.com, UGL, known as an engineering firm in its home country, took ownership of the then-troubled DTZ in early December 2011. Soon after, investors regained confidence in DTZ, and the firm began to recover. In less than a year, its annual statement revealed a firm that boasted $2 billion in revenue. However, UGL officials say that to continue growing, the company requires a different structure.