LONDON (dpa-AFX) - Capita plc (CPI) a consulting, transformation and digital services business on Friday said it has agreed to sell IT service business Trustmarque to One Equity Partners, a private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe.
The consideration for the deal is 111 million pounds on a cash free, debt free basis. Taking into account cash-like and debt-like items, Capita expects to receive net proceeds of approximately 115 million pounds at completion as well as an additional 3 million pounds contingent on certain future events.
Trustmarque provides IT services and solutions, including software and hardware re-sale. For the year to 31 December 2020, the company reported net revenue of 122 million pounds and profit before tax of 16 million pounds. Gross assets were 240 million pounds at 30 June 2021.
With the sale, Capita expects to reach the target of 700 million pounds of disposal proceeds by June 2022, aimed at materially reducing its debt.
Barclays Bank PLC, acting through its Investment Bank is acting as sole financial advisor to Capita.
Shares of Capita closed Thursday's trading at 32.40 pounds, down 0.37 pounds or 1.13 percent from previous close.
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