UGL to return sale proceeds to shareholders

UGL intends to return proceeds from the $1.215 billion sale of its property group DTZ to shareholders.

The company said after the transaction is complete, it intends to pay down debt, then return surplus funds.

UGL is considering a range of options to decide on the most efficient way to return surplus funds to shareholders and will communicate the details when the sale is complete.

The company said it is also determining the most appropriate capital structure after the DTZ sale.

UGL earlier said it expects net proceeds of between $1bn and $1.05bn from the deal, which is set to be completed around September.