Proactive Investors - Capita PLC (LON:CPI) has sold its 75% stake in environment researcher Fera Science to private equity firm Bridgepoint for an enterprise value of £60 million on a cash-free, debt-free basis.
A joint venture with the Department for Environment, Food & Rural Affairs (Defra), which owns 25%, Capita will receive cash proceeds of £62 million upon completion.
The sale marks the end of Capita’s disposal programme, said the outsourcer, which is now focused around two core markets.
Capita, which has been retrenching, runs licence collections for organisations such as the BBC.
Last month it announced 900 job cuts to save up to £60 million.
Fera reported revenue and profit before tax for the year to 31 December 2022 were £45 million and £3 million respectively.
Jon Lewis, Capita’s chief executive, said: “We had previously announced our intention to sell our stake in Fera, as part of our ongoing strategy to simplify and strengthen Capita.
“It was the appropriate time to find a new partner to build on the strong, successful foundations now in place at Fera and take the company onto the next stage of its development.”
Shares rose 5% to 21p.