Global engineering services company UGL Ltd. announced an agreement to sell its DTZ property services division to a private equity-led consortium comprising TPG Capital, PAG Asia Capital, and Ontario Teachers’ Pension Plan in a move intended to back DTZ’s ambition to become an international competitor to giants CBRE and JLL.

The consortium will pay approximately $1.215 billion for DTZ, with the deal, which must first be approved by regulators…

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