Capita agrees to sell two real estate and infrastructure consultancy businesses
By Iain Gilbert
Date: Tuesday 02 Aug 2022
(Sharecast News) - Outsourcing and professional services company Capita has agreed to sell two real estate and infrastructure consultancy businesses to WSP for £60.0m on a cash-free, debt-free basis.
Capita said on Tuesday that after taking into account cash-like and debt-like items, it expects to receive proceeds of roughly £69.0m for the sale of Capita Real Estate and Infrastructure and GL Hearn at completion.
The FTSE 250-listed group said reported revenue and pre-tax profits for the combined businesses were £88.6m and £5.1m in 2021, respectively.
Chief executive Jon Lewis said: "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.
"At the same time, our REI and GLH colleagues and clients will join an established industry organisation with plans to take the businesses onto the next stage of their development."
As of 0830 BST, Capita shares were down 0.025% at 29.51p.
Reporting by Iain Gilbert at Sharecast.com
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