LONDON (dpa-AFX) - Capita Plc (CPI.L), a consulting, transformation, and digital services provider, Tuesday announced its agreement to sell its speciality insurance businesses to Marco Capital Holdings (UK) Limited for an undisclosed sum.
The sale is subject to regulatory approvals.
The sale comprises two businesses, such as Capita Commercial Insurance Services Limited or CCIS, and Capita Managing Agency Limited or CMA.
In the year 2020, the speciality insurance businesses generated revenues of 26 million pounds and profit before tax of 5 million pounds.
Following the sale, the senior management team and employees of both businesses will remain.
In the transaction, Deloitte FIG Corporate Finance acted as the exclusive financial adviser to Capita.
The sale is part of the company's plan to sell a number of non-core businesses, including these two, to strengthen the balance sheet and focus on its two core divisions, Capita Public Service and Capita Experience.
The company said it continues to target 700 million pounds of non-core disposals proceeds by June 2022.
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