LONDON (dpa-AFX) - Capita Group plc (CPI.L) announced an agreement to sell its parking management business, ParkingEye, to a vehicle owned by Macquarie and funds advised by MML Capital Partners for a cash consideration of 235 million pounds. The cash proceeds will be used to reduce net indebtedness.
Jon Lewis, CEO, Capita, said 'This transaction marks a further step in executing the strategy announced in April aimed at simplifying and strengthening the business to deliver future success. Together with the four disposals already completed this year, we now expect to raise more than 400 million pounds from non-core disposals in 2018, well ahead of our target of 300 million pounds.'
Separately, Capita plc announced it has been selected by the Department for Education's Standards and Testing Agency to manage the administration, processing and support for all primary school national curriculum assessment tests in England. The six-year contract, covering the 2020 to 2024 test cycles, is worth approximately 109 million pounds.
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