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Capita PLC - London-based outsourcing services - Agrees to sell its real estate and infrastructure consultancy businesses to Montreal, Canada-based WSP Global Inc for £60 million on a cash-free, debt-free basis. The businesses are Capita Real Estate and Infrastructure and GL Hearn. Expects proceeds of roughly £69 million at completion, when taking cash-like and debt-like items into account.
Says the transaction will take the total proceeds from its non-core disposal programme to £800 million. The sale is subject to certain consents. The management team and employees of both businesses will remain there as they transfer to the ownership of WSP.
‘We are pleased to have agreed the sale of these two businesses to WSP following a competitive sale process. It marks another significant step, as we continue to simplify and strengthen Capita, and become a more successful business for the long term,’ Chief Executive Jon Lewis says.
Current stock price: 29.71 pence
12-month change: down 16%
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