Capita PLC (LSE:CPI) has agreed to sell its two real estate and infrastructure businesses for £69mln to WSP.
The company agreed a £60mln price on a cash-free, debt-free basis for Capita Real Estate and Infrastructure (REI) and GL Hearn, but the amount on completion is expected to be increased by “cash-like and debt-like items”.
It will take its total proceeds from selling off non-core businesses to more than £800mln as Capita looks to strengthen its balance sheet and focus on its two core divisions, Capita Public Service and Capita Experience.
The two businesses contributed combined reported revenues of £88.6mln and profit before tax of £5.1mln.
Group chief executive Jon Lewis said: “We will continue to execute on our plan at Capita to materially reduce debt through the disposal of non-core businesses.”
Analysts at Peel Hunt said they expect to reduce forecasts for 2022 PBT by 1% to £93.7mln and for 2023 by 4% to £121.1mln.