8th Jan 2016 09:06
LONDON (Alliance News) - Payments company PayPoint PLC said Friday that it has agreed to sell its online payment businesses, comprising of PayPoint.net and Metacharge, to FTSE 100-listed outsourcer Capita PLC for GBP14 million.
This consideration is to be satisfied in cash at completion Friday, the company said.
"In line with our strategy, we are pleased to have agreed the sale of our Online Payment businesses. We announced our intention to sell our Mobile and Online businesses at our full year results last May, in order to focus on multi-channel payments where we have retail networks, to concentrate on our best prospects for future growth," said Chief Executive Dominic Taylor in a statement.
"We believe that Capita is a good owner to take these businesses forward and I would like to thank the management and employees for their contribution to PayPoint and wish them well for the future. We will update on the sale of the Mobile Payments business in due course," Taylor added.
Deloitte LLP was corporate finance adviser and Mills & Reeve LLP was legal adviser on the sale.
Shares in PayPoint were down 1.2% at 901.00 pence Friday morning, whilst Capita was up 1.9% at 1,179.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
CapitaPaypoint