12th Mar 2020 08:11
(Alliance News) - Sage Group PLC on Thursday said it has begun a share buyback of up to GBP250 million, after completing the GBP232 million sale of its pay unit to Evalon Inc.
The FTSE 100 company said the buyback, which started on Thursday, will end on January 13, 2021.
All shares purchased under the programme will be held in treasury, Sage added.
It was back in November that the accounting software provider first announced the disposal of Sage Pay, to Evalon a subsidiary of US Bancorp.
For the year to the end of September 2018, Sage Pay had revenue of GBP41 million and operating profit of GBP15 million.
Sage shares were 5.6% lower at 590.20 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
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