Serco sells BPO division to Blackstone for £250m
Serco has agreed the sale of its offshore private sector Business Process Outsourcing operations to private equity funds managed by Blackstone for around £250m.
FTSE 250
19,926.59
17:14 01/05/24
FTSE 350
4,464.43
17:14 01/05/24
FTSE All-Share
4,418.60
16:54 01/05/24
Serco Group
182.00p
16:34 01/05/24
Support Services
10,549.05
17:14 01/05/24
The outsourcing group said the gross consideration comprises £220m in cash and a £30m loan note.
Serco said proceeds from the transaction, which is expected to complete around the end of the year, will be used to reduce debt.
Chief executive officer Rupert Soames said the disposal will strengthen the balance sheet and enable the company to focus on its five core markets.
“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,” he said.