Business
Disposal of businesses in Asia and Australia
Disposal of businesses in Asia and Australia.
About this update from Sage Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6026J\n Sage Group PLC\n 23 December 2020\n \n \n \n \n \n \n \n Disposal of businesses in Asia and Australia\n \n \n 23 December 2020\n \n \n In its full year results announcement on 20 November 2020, T\n he Sage Group plc (\"Sage\")\n \n announced that its businesses in Asia and Australia (excluding global products) were held for sale. Sage today announces that it has entered into an agreement for the sale of these businesses to The Access Group. \n \n \n For the year ended 30 September 2020, the businesses being sold achieved revenue of £48m (FY19: £48m) and operating profit of £6m (FY19: £5m). The sale consideration is approximately £95m, payable in cash on completion (subject to a customary net debt and working capital adjustment). Sage is retaining its global products that are core to its growth strategy including Sage Intacct, Sage People and Sage X3.\n \n \n The transaction, which is subject to approval by the Australian Foreign Investment Review Board (FIRB), is expected to complete in the next six months.\n \n \n \n \n \n Enquiries\n \n \n The Sage Group plc +44 (0) 191 294 3457\n \n \n James Sandford, VP, Investor Relations \n \n \n Amy Lawson, EVP Communications\n \n \n Derk Bleeker, Chief Corporate Development Officer\n \n \n \n \n \n FTI Consulting +44 (0) 20 3727 1000\n \n \n Charles Palmer\n \n \n Dwight Burden\n \n \n \n \n \n About Sage\n \n \n Sage is the global market leader for technology that provides small and medium businesses with the visibility, flexibility and efficiency to manage finances, operations and people. With our partners, Sage is trusted by millions of customers worldwide to deliver the best cloud technology and support. Our years of experience mean that our colleagues and partners understand how to serve our customers and communities through the good, and more challenging times. We are here to help, with practical advice, solutions, expertise and insight.\n \n \n \n This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.r...