(Alliance News) - Equiniti Group PLC on Tuesday said it has exchanged contracts to sell Charter System to Northgate Public Services for GBP2.0 million.
The financial administrator outsourcer said the sale of Charter Systems - which is part of its Digital division and provides software to manage covert operations - reflects its focus on core businesses and the reduction of leverage.
"We are pleased to sell Charter Systems, a market leading software business in its field, to a very complementary acquirer, and wish our colleagues and former clients well for the future. This disposal allows Equiniti to continue to focus on its core businesses," said Chief Executive Guy Wakeley.
For 2020, Charter Systems is expected to generate revenue of around GBP1.4 million.
The sale is expected to complete on December 31.
Shares in Equiniti were trading 0.4% lower at 107.60 pence each on Tuesday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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