9th Dec 2020 09:02
(Alliance News) - Sage Group PLC on Wednesday announced it has agreed to sell its Polish business to funds advised by Mid Europa Partners LLP.
The Newcastle upon Tyne, England-based accounting software firm said it will sell the unit for GBP66 million.
Mid Europa Partners is a buyout investor focused on the growth markets of Central and Eastern Europe.
For the year ended September 30, Sage's Polish business achieved a revenue of GBP21 million, up from GBP19 million a year prior, and an operating profit of GBP4 million, flat to the year before.
The transaction is expected to be completed in early 2021.
Sage first announced the sale of its Polish business in its full-year results announcement released late November. Additionally, the company is planning to sell its businesses in Switzerland, as well as some of its businesses in Asia and Australia.
The sales are aimed at "further simplifying the business".
Sage shares were up 1.5% at 572.85 pence each in London on Wednesday morning.
By Greg Roxburgh; [email protected]
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