19th Jul 2018 12:59
LONDON (Alliance News) - Wilmington PLC said Thursday it has sold its credit reporting company ICP to its current management team for GBP3.0 million.
The price will be paid in instalments over the next five years.
According to the publishing company, the transaction allows Wilmington to focus its resources on its "core client communities" and "secure a good return for shareholders from historic investments".
ICP will continue to use the existing technology infrastrcuture for up to twelve months to "provide ongoing client confidence".
Chief Executive Officer Pedro Ros said: "I am pleased that we have been able to agree this innovative solution with ICP management that allows them to invest in the business whilst recognising value for Wilmington's shareholders. ICP provides a trusted, high quality service and I wish the team continued success in the future."
Shares in Wilmington were up 0.4% Thursday at 190.70 pence each.
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