Capita plc (‘Capita’) today announces that it has agreed to sell Trustmarque (‘Trustmarque’) to One Equity Partners for £111m on a cash free, debt free basis. Taking into account cash-like and debt-like items, Capita expects to receive net proceeds of c.£115m at completion. An additional c.£3m is receivable by Capita contingent on certain future events.
Trustmarque provides IT services and solutions, including software and hardware re-sale, and is a top-tier partner for global technology vendors.
The net reported revenue and profit before tax for the assets subject to transaction for the year to 31 December 2020 were £122m and £16m respectively. Gross assets were £240m at 30 June 2021.
The sale is subject to certain consents.
The Trustmarque senior management team and employees will remain with the business.
Capita previously announced its intention to sell a number of non-core businesses, including Trustmarque, to strengthen the balance sheet and focus on its two core divisions, Capita Public Service and Capita Experience.
The sale of Trustmarque follows the recently completed sales of software businesses AMT Sybex, and Secure Solutions and Services. The proceeds from this sale, subject to successful completion, mean we will have already hit the target we set of £700m in total disposal proceeds by June 2022.
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