Capita PLC Capita announces the disposal of ParkingEye
July 12 2018 - 1:00AM
UK Regulatory
TIDMCPI
Capita announces the disposal of ParkingEye
Capita plc (Capita) announces today that it has reached an agreement to sell
its parking management business, ParkingEye, to a vehicle owned by Macquarie
and funds advised by MML Capital Partners for a cash consideration of GBP235m.
The transaction is expected to close later this year.
The transaction is in line with Capita's strategy of simplifying the business,
focusing on growth markets and disposing of non-core businesses.
ParkingEye's underlying revenue and operating profit were GBP40m and GBP14m
respectively in the year to 31 December 2017 and the business had gross assets
of GBP22m. In Capita's half year results, ParkingEye will be reported as a
business exit in non-underlying items. The cash proceeds will be used to reduce
net indebtedness.
Jon Lewis, Chief Executive Officer, Capita, said "This transaction marks a
further step in executing the strategy announced in April aimed at simplifying
and strengthening the business to deliver future success.
Together with the four disposals already completed this year, we now expect to
raise more than GBP400m from non-core disposals in 2018, well ahead of our target
of GBP300m."
Goldman Sachs International acted as Capita's sole financial advisor on the
transaction.
This announcement contains inside information.
ENDS
Notes to editors:
ParkingEye is the leading provider of Automatic Number Plate Recognition (ANPR)
enabled car park management in the UK, providing car park management and
enforcement services on behalf of clients across a number of sectors including
retail, hospitality, education and the NHS.
Capita's non-core disposal programme this year includes four completed
transactions: Supplier Assessment Services for GBP160m, Capita Specialist
Insurance Services Ltd for GBP16m, Projen Ltd for GBP2.75m and Medicals Direct
Group Ltd for GBP2.7m.
ENDS
Investor enquiries
Andrew Ripper, Head of Investor Relations
Fiona O'Nolan, IR Director
Tel: 020 7654 2220/020 7654 2281
Email: IRteam@capita.co.uk
Media enquiries
Capita press office
Tel: 0207 654 2399
Email: media@capita.co.uk
Capita is a leading provider of technology enabled business services, operating
across five key markets: Software; People Solutions; Customer Management; IT
Services and Government Services. Working across the UK, Europe, India and
South Africa, we use our expertise, talent and technology to partner with our
clients to transform services and add value for all their stakeholders. Capita
is quoted on the London Stock Exchange (CPI.L). Further information on Capita
can be found at: http://www.capita.com
Goldman Sachs International, which is authorised by the Prudential Regulation
Authority and regulated by the Financial Conduct Authority and the Prudential
Regulation Authority in the UK, is acting exclusively for Capita plc and no one
else in connection with the potential sale of Supplier Assessment Services
Limited and any other matter referred to in this announcement and will not be
responsible to anyone other than Capita plc for providing the protections
afforded to clients of Goldman Sachs International, or for providing advice in
relation to the potential sale of Supplier Assessment Services Limited or any
other matter referred to in this announcement.
LEI no. CMIGEWPLHL4M7ZV0IZ88.
END
(END) Dow Jones Newswires
July 12, 2018 02:00 ET (06:00 GMT)
Capita (LSE:CPI)
Historical Stock Chart
From Apr 2024 to May 2024
Capita (LSE:CPI)
Historical Stock Chart
From May 2023 to May 2024