Completion of the sale of travel businesses
Capita completed sale of travel businesses Agiito and Evolvi to Clarity Travel Ltd for £17m cash.
- Cash proceeds expected £17m
- Payable on completion £8m
- Payable 12 months post-completion £9m
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Capita plc (“Capita”) today announces that on 14 November 2023 it completed the sale of its travel and events businesses Agiito and Evolvi to Clarity Travel Ltd (‘Clarity’) on the terms announced on 10 August 2023.
Taking into account the working capital and debt liabilities that Clarity is assuming as part of the transaction, Capita expects to receive cash proceeds of £17m, of which £8m is payable on completion and £9m is payable 12 months following completion.
The transaction has completed following National Security and Investment Act approval.
The proceeds, net of transaction costs, will be used to further strengthen the balance sheet and reduce debt.
The sale of its travel businesses also marks the penultimate transaction before the completion of all non-core disposals from Capita’s Portfolio division.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.