Capita plc has agreed to sell two real estate and infrastructure consultancy businesses to WSP for £60 million.
Taking into account cash-like and debt-like items, Capita says it expects to receive proceeds of around £69 million at completion.
The sale comprises two businesses: Capita Real Estate and Infrastructure (‘REI’) and GL Hearn (‘GLH’).
REI provides specialist advisory, design, engineering, environmental and project management services for land, building and infrastructure owners.
GLH provides advice to real estate developers, investors and occupiers across areas including planning and development, rating, valuation and occupier services.
The reported revenue and profit before tax of the two businesses combined for the year to 31 December 2021 were £88.6m and £5.1m respectively. The combined gross assets were £124.2m at 31 December 2021.
The senior management teams and employees of REI and GLH will remain with their businesses as they transfer to the ownership of WSP.
Capita Plc previously announced its intention to sell a number of non-core businesses to strengthen the balance sheet and focus on its two core divisions, Capita Public Service and Capita Experience.
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