Capita Plc said it would sell its IT services and solutions firm Trustmarque to private-equity firm One Equity Partners for 111 million pounds ($148.64 million) as the British outsourcer shifts focus to its core businesses.
The cash-free, debt-free deal comes against the backdrop of the outsourcer’s recovery plan unveiled last March to focus on its key divisions of Capita Public Service and Capita Experience in the wake of the coronavirus pandemic.
Trustmarque deal follows the recently completed sales of software businesses AMT Sybex and Secure Solutions and Services.
With the latest move, Capita said it has already hit the divestment target of 700 million pounds initially set to be achieved by June 2022.
“We are now focused on selling the remaining businesses in our portfolio division, with the goal of disposing of the majority by the end of 2022,” Chief Executive Officer Jon Lewis said in a statement, adding the Trustmarque transaction would help in further reducing the company’s debt.
The London-listed company said the senior management team and employees of Trustmarque, a partner for global technology vendors and which accounted for about 4% of Capita’s total revenue in the 2020 fiscal year, would remain active with the business.
Source: Reuters.com