Sage Group PLC (LON:SGE) said it has entered an agreement to sell its Polish business to private equity firm Mid Europa Partners after saying the business had been held for sale in its results in November.
The FTSE 100 software firm said it will be paid £66mln in cash for the business, payable on completion of the transaction which is expected in early 2021.
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For the year to September 30, 2020, Sage said the Polish business reported an operating profit of £4mln, flat year-on-year, alongside revenues of £21mln compared to £19mln in 2019.
The sale follows similar disposals of the company’s Brazilian and Sage Pay businesses in March, while the company is also looking for buyers for its Swiss, Asian and Australian arms as well as its South African payroll outsourcing business.
Sage shares rose 1.5% to 572.6p in early deals on Wednesday.