Business
Disposal - Capita agrees to sell its travel b...
Disposal - Capita agrees to sell its travel b....
About this update from Capita Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n \n \nCapita plc\n \n10 August 2023 \n \nCapita agrees to sell its travel businesses\n \nCapita plc (‘Capita’) today announces that it has agreed to sell its travel and events businesses Agiito and Evolvi to Clarity Travel Ltd (‘Clarity’) for an enterprise value of £36.5m on a cash free, debt free basis. Taking into account the working capital and debt liabilities that Clarity is assuming as part of the transaction, Capita expects to receive cash proceeds of £16m, of which £8m is payable on completion and £8m is payable 12 months following completion. \n \nThe senior management teams and employees will remain with their businesses as they transfer to Clarity, the business travel and events division of the Portman Travel Group Ltd (‘Portman’).\n \nThe reported revenue and profit before tax of the combined businesses for the year to 31 December 2022 were £31m and £4m respectively, and gross assets were £76m at 30 June 2023. \n \nThe sale to Clarity is subject to National Security and Investment Act approval. \nThe agreement to sell these Capita businesses follows the completion of the divestment of our Software, Enforcement and PageOne businesses in July. The sale also marks the penultimate transaction before the completion of Capita’s non-core disposals programme.\n \nThe proceeds, net of transaction costs, will be used to further strengthen the balance sheet and reduce debt.\n \nJon Lewis, Capita’s Chief Executive Officer, said: “We are pleased to have agreed the sale of our travel and events businesses to Clarity, following a competitive sale process.\n \n“The transaction offers significant growth opportunities for the businesses, their clients and colleagues. \n \n“It also marks another significant step towards reducing Capita’s debt, as we continue to simplify and strengthen the organisation, and become a more successful business for the long term.”\n \n \nFor more information, please contact:\n \nInvestor enquiries \nHelen Parris Stephanie Little\nDirector of Investor Relations &...