1st Feb 2022 09:42
(Alliance News) - Micro Focus International PLC on Tuesday said it has completed the sale of its "digital safe" business to Portland, Oregon-based software firm Smarsh Inc.
The disposal for USD375 million in cash was first announced back in November.
The Berkshire, England-based enterprise software provider said it will use the net proceeds of the sale to reduce debt. Micro Focus estimated the proceeds at USD335 million net of fees, tax and separation costs.
As part of the transaction, lease obligations totalling approximately USD40 million at October 31 will transfer to Smarsh. Micro Focus explained that this will further reduce its debt.
Shares in Micro Focus were up 1.1% at 457.60 pence on Tuesday morning in London.
By Heather Rydings; [email protected]
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