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TPG, Ontario Teachers to Buy DTZ From UGL for A$1.2 Billion

A group led by TPG Capital, the buyout firm started by David Bonderman, agreed to pay A$1.22 billion ($1.2 billion) to buy UGL Ltd.’s property services arm.

The group, including Ontario Teachers’ Pension Plan and PAG Asia Capital Ltd., hopes to complete the transaction in September, subject to regulatory approvals, Sydney-based UGL said in a statement. UGL, which is evaluating “a range of options” for the net proceeds of A$1 billion to A$1.05 billion from the sale, also said Ross Taylor had been appointed as the company’s new chief executive officer from Nov. 24.