16th Sep 2015 06:14
LONDON (Alliance News) - Outsourcer Serco Group PLC on Wednesday said it has struck a deal to sell its offshore private-sector business-process outsourcing operations to a fund managed by private equity house Blackstone for around GBP250.0 million.
The consideration comprises GBP220.0 million in cash and a GBP30.0 million loan note, Serco said, and the deal is expected to complete by the end of 2015. The company said its overall exit from the private-sector business-process outsourcing space should be broadly earnings neutral on a pro-forma basis in 2015.
"In March 2015 we set out our strategy to focus Serco on being a leading supplier of public services. A core part of that strategy was our decision to sell our private sector BPO operations. I am delighted that we have agreed this sale to Blackstone and secured this important part of our overall plan," said Rupert Soames, Serco's chief executive.
"This disposal will not only strengthen further our balance sheet but also enable us to focus on the group's five core markets. Overall this gives us greater financial and operational flexibility to move forward, doing what we do best," Soames added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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