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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Sage Group Plc | LSE:SGE | London | Ordinary Share | GB00B8C3BL03 | ORD 1 4/77P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
12.50 | 1.08% | 1,173.00 | 1,174.00 | 1,175.00 | 1,177.50 | 1,163.00 | 1,168.00 | 2,322,481 | 16:35:29 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Prepackaged Software | 2.18B | 211M | 0.2059 | 57.02 | 12.03B |
TIDMSGE
RNS Number : 1624N
Sage Group PLC
15 January 2019
Disposal of US Payroll outsourcing business
15 January 2019
In its full year results announcement on 21 November 2018, Sage announced that it was holding Sage Payroll Solutions ("SPR"), the US-based payroll outsourcing business, for sale. Sage has now entered into an agreement for the sale of SPR to iSolved HCM, LLC ("iSolved"). iSolved is a portfolio company of Accel-KKR and a provider of human capital management solutions.
This divestiture is part of Sage's strategy, as set out in the November 2018 results, to focus on subscription software solutions that are in or have a pathway to the Sage Business Cloud.
As disclosed at the FY18 results announcement, SPR had revenue of GBP38m and operating loss of GBP1m for the year ended 30 September 2018. The total sale consideration is approximately GBP78m, of which GBP73m is payable in cash on completion (subject to a customary debt and working capital adjustment) and the remaining GBP5m represents contingent consideration. Sage expects to report a statutory profit on disposal of approximately GBP23m on completion.
The transaction is subject to certain completion conditions, including clearance (or deemed clearance upon expiration of the applicable waiting period) under the US Hart-Scott-Rodino Antitrust Improvements Act. Completion is expected to occur within the next three months. Proceeds will be invested for growth and used to reduce net debt.
Enquiries
The Sage Group plc +44 (0) 191 294 3897
Lauren Wholley, Investor Relations Director
Amy Lawson, EVP Communications
Derk Bleeker, EVP Corporate Development
FTI Consulting +44 (0) 20 3727 1000
Charles Palmer
Dwight Burden
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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January 15, 2019 08:01 ET (13:01 GMT)
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