CPP Group (LSE:CPP) shares were boosted on Wednesday with the news of a subsidiary sale, with its Indian business being disposed of in a $21 million deal.
The ‘insurtech’ company said it marks a key milestone in its strategic transformation.
“Alongside the earlier disposal of CPP Turkey, this deal simplifies the group and strengthens our ability to accelerate investment in Blink,” said chief executive Simon Pyper.
Under the terms, 75% of the cash consideration is payable on completion, with the balance in two instalments contingent on performance.
In the year ended 31 December 2024, CPP India contributed £6.6 million to group earnings (EBITDA) and profit before tax of £4.7 million.
CPP shares climbed 22% in early deals, changing hands at 157.4p – valuing the group at just over £14 million.