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(Alliance News) - Capita PLC on Tuesday said it has completed the sale of its businesses CIBS, CHKS, Retain, WFM and Synaptic to London-based acquisition vehicle, AdvancedAdvT Ltd in a reverse takeover.
This comes after the London-based process outsourcing and professional services company had announced in June its intention to sell the five non-core businesses to AdvancedAdvT for a total of GBP33 million.
The transaction is part of Capita's disposals programme to "materially" reduce its debt.
CIBS offers financial and business solutions for public and private sectors. CHKS and Synaptic are for governance risk & compliance for healthcare and financial services sectors. Retain and WFM are for global professional services and workforce automation software for private and public sectors.
The business transfer was subject to UK National Security & Investment Act approval.
AdvancedAdvT had said that the sale would constitute a reverse takeover, with its shares being suspended upon the announcement on June 8.
On Tuesday Capita also announced the completion of the sale of its PageOne business to Erisberg, as well as the sale of Enforecement to investors led by Capricorn Capital Partners and the Shackleton Group.
Capita said it received GBP67 million in cash at completion of the sale of all seven businesses, and expects to receive a deferred payment of GBP3 million on January 31.
On Thursday, AdvancedAdvT noted Capita's announcement, and added it is considering making an application for the admission of its shares to trading on AIM.
St Helier, Jersey-headquartered closed-ended investment company Marwyn Value Investors Ltd also noted the release. It owns an 18% stake in AdvancedAdvT.
Shares in Capita were down 1.2% at 27.30 pence each in London on Tuesday afternoon, while Marwyn Value Investors' shares were up 0.6% at 91.00p each. AdvancedAdvT shares remain suspended.
By Sabrina Penty, Alliance News reporter
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