Experian announces that it has reached an agreement to sell its transaction processing activities in France, which includes its card processing and business process outsourcing activities, to Advent International and Doc@Post (a subsidiary of La Poste) respectively. The sale is subject to certain conditions precedent, including clearance from the French competition authorities. Completion is currently expected to occur before the end of 2008.
The agreed gross cash consideration is E203m, on a debt and cash free basis. After taxes and other transaction costs net cash inflow is estimated to be approximately E150m. Proceeds from the sale will be used to repay bank borrowings. For the year ended 31 March 2008, revenue from Experian’s transaction processing activities in France was E240m (US$341m) and EBIT was E26m (US$37m). Source: Experian Press Release
BIIA Newsletter October 2008 Issue