6th Nov 2020 16:31
Mears Group PLC - housing solutions provider - Enters into a conditional agreement to sell TerraQuest Solutions Ltd and its subsidiary undertakings to a newly incorporated company controlled by funds advised by Apse Capital Ltd. The buyer will acquire the entire issued share capital of TerraQuest for a maximum valuation of GBP72.0 million, Mears says. The company expects minimum cash proceeds to be GBP61.8 million. In addition, up to a further GBP5.0 million in cash, will be payable subject to the performance of TerraQuest in 2021. Following the sale, Mears says it will be solely focused on its core proposition as a trusted provider of specialist housing solutions to central and local government and will have a significantly strengthened balance sheet.
Current stock price: 143.00 pence
Year-to-date change: down 51%
By Evelina Grecenko; [email protected]
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