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LONDON (Alliance News) - XPS Pensions Group PLC said on Tuesday it will acquire the assets of Kier Pensions Unit from a division of FTSE 250-listed construction services group Kier Group PLC for GBP3.5 million.
Also, the pensions group announced it would sell of its Healthcare Consulting business to Punter Southall Health & Protection Ltd for GBP1.3 million.
The Kier Pensions Unit provides third party pension administration services to public sector clients, XPS said, including half of the police forces in the UK and Middlesborough Borough Council.
The acquisition will join XPS's pensions administration business XPS Administration, as well as granting entry to the market public sector administration. The acquisition is also expected to add around 4.0% to XPS' revenue.
"We are delighted to announce these two deals today. They are both consistent with our strategic focus on our core market of workplace pensions. The acquisition of the Kier Pensions Unit will add to our strength in the pensions administration market and has the potential to open up new opportunities in the public sector. Meanwhile we are pleased to find a good home for colleagues in our small Healthcare Consulting business, where we expect them to thrive in the future, whilst we focus relentlessly on what we do best," said co-Chief Executive Paul Cuff.
Shares in XPS were untraded on Tuesday, last quoted at 169 pence.
