Capita plc (“Capita”) today announces that on 17 January 2024 it completed the sale of its stake in Fera Science Limited (‘Fera’) to a fund managed by Bridgepoint Development Capital (‘Bridgepoint’), on the terms announced on 4 December 2023.
The sale of Capita’s 75% interest in Fera, a joint venture with the Department for Environment, Food & Rural Affairs (Defra), resulted in Capita receiving cash proceeds of £62m upon completion. These cash proceeds include cash and debt-like items and working capital adjustments.
The transaction has completed following consent from the superior landlord for changes being made to the title of the property from which Fera operates. National Security and Investment Act clearance for the transaction was granted on 9 November 2023. As part of the transaction, Defra is retaining its shareholding.
The proceeds, net of transaction costs, will provide additional liquidity to further strengthen Capita’s balance sheet and support investment across the Group.
The sale of Fera marks the successful end of non-core disposals from Capita’s Portfolio division as part of a strategy to simplify and strengthen the business around two core markets.