Serco Regulatory News (SRP)

Acquisition of European Homecare, a leading provider of immigration services in Germany

14 December 2023

Serco has agreed to acquire European Homecare (EHC), a specialist provider of immigration services to public sector customers in Germany. The business is to be acquired from Korte-Stiftung for ?40m (£34m). In the year ended 31 December 2023, revenue for EHC is expected to be around ?150m (£130m). Completion of the acquisition is subject to competition authority clearance.

EHC was one of the first private providers in the German immigration market and has been delivering social services since 1989. It is now a leading private provider of immigration services in Germany, offering a full range of services including accommodation, medical and social care, training and education. EHC has an experienced management team, over 2,000 employees, manages over 100 facilities and provides accommodation and support for over 36,000 people seeking asylum.

This strategic acquisition will increase the reach and capability of Serco's international immigration services platform which has substantial operations in the UK, Australia and Europe.

Commenting on the acquisition, Mark Irwin, Serco Group Chief Executive, said: "This strategic acquisition will complement our ORS operations and strengthen our position as a leading partner in immigration services for European governments. There are complex and growing requirements for immigration and asylum seeker support services globally and we have a strong track record of providing high standards of service underpinned by our commitment to ensuring that service users are treated with care and respect. Increasing our presence in Germany will expand the immigration support we already provide to government customers in the UK, Australia and across Europe."

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For further information, please contact:

Paul Checketts, Head of Investor Relations | +44 (0) 7718 195 074 | paul.checketts@serco.com

Marcus De Ville, Head of Media Relations | +44 (0) 7738 898 550 | marcus.deville@serco.com

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LEI: 549300PT2CIHYN5GWJ21