UGL names new chief, sells DTZ for $1.2B

Company News

UGL Limited (ASX:UGL) has named its new chief and announced it has sold its global property services business DTZ for $1.2 billion. 
 
The engineering company has today appointed Ross Taylor to take the reins from current chief executive Richard Leupen on November 24.
 
After weeks of speculation UGL has also revealed it has inked a binding deal for the divestment of DTZ to US private equity group TPG. 
 
UGL says the sale delivers significant value to shareholders and achieves the board’s goal of structurally separating UGL’s two distinct operating businesses. The transaction is expected to be tied up by the end of September.  
 
UGL reported a net profit of $31.3 million in the first half of the 2014 financial year.

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