LONDON (dpa-AFX) - U.K.-based Capita plc (CPI), a provider of business process services on Thursday announced that it has agreed to sell its travel and events businesses Agiito and Evolvi to Clarity Travel Ltd, the business travel and events division of the Portman Travel Group Ltd for 36.5 million pounds on a cash free, debt free basis.
Assuming debts, Capita expects to receive cash proceeds of 16 million pounds, of which 8 million pounds would be payable on completion and 8 million pounds would be payable 12 months following completion.
The agreement to sell these businesses follows the completion of the divestment of Capita's Software, Enforcement and PageOne businesses in July. The sale also marks the penultimate transaction before the completion of Capita's non-core disposals programme.
Capita said that the proceeds, net of transaction costs, are intended to be used to further strengthen the balance sheet and reduce debt.
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