DTZ sold by UGL for $1.1bn

UGL has agreed to sell its property advisory business DTZ for $1.1bn (£647mn) to a private equity consortium, in a deal expected to be completed by the end of September.

The firm is selling London-based DTZ to a consortium comprising TPG Capital, PAG Asia Capital and Ontario Teachers’ Pension Plan.

UGL bought DTZ’s assets in a pre-pack administration for £77.5m in 2011, absorbing it into its own property services arm.

DTZ was formerly listed on London’s junior stock market. Chief executive Tod Lickerman, appointed in September 2013, is expected to remain in the role after the acquisition completes.