CRAWLEY (dpa-AFX) - Private security firm G4S Plc (GFS.L, GFSZY.PK) Friday announced that it has reached agreement on the sale of G4S Israel to FIMI Opportunity Funds or FIMI for an estimated net consideration of NIS425 million, equivalent to 88 million pounds.
The consideration will be given in cash at completion. FIMI is a premier Israeli private equity fund.
The sale is subject to government and customary regulatory approvals which are expected within the next three months. The net proceeds will be used for general corporate purposes.
G4S Israel provides manned security and security systems across Israel. In the year 2015, G4S Israel generated profit before taxation of 8 million pounds, and had gross assets of 56 million pounds at year end.
As part of the transaction, senior management in G4S Israel will remain with the business at completion.
G4S said it will retain a presence in Israel through ownership and continued investment in the flagship national police training centre Policity in partnership with FIMI and Shikun & Binui, an Israeli infrastructure and real estate group.
Ashley Almanza, G4S Group Chief Executive Officer said, 'The sale of our business in Israel is part of our active portfolio management programme announced in 2013 to improve our strategic focus and capital discipline.'
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