Disposal of businesses in Asia and Australia

RNS Number : 6026J

Sage Group PLC

23 December 2020

 

Disposal of businesses in Asia and Australia

23 December 2020

In its full year results announcement on 20 November 2020, T he Sage Group plc ("Sage")   announced that its businesses in Asia and Australia (excluding global products) were held for sale. Sage today announces that it has entered into an agreement for the sale of these businesses to The Access Group. 

For the year ended 30 September 2020, the businesses being sold achieved revenue of £48m (FY19: £48m) and operating profit of £6m (FY19: £5m).  The sale consideration is approximately £95m, payable in cash on completion (subject to a customary net debt and working capital adjustment).  Sage is retaining its global products that are core to its growth strategy including Sage Intacct, Sage People and Sage X3.

The transaction, which is subject to approval by the Australian Foreign Investment Review Board (FIRB), is expected to complete in the next six months.

Enquiries

The Sage Group plc [phone]

James Sandford, VP, Investor Relations

Amy Lawson, EVP Communications

Derk Bleeker, Chief Corporate Development Officer

FTI Consulting [phone]

Charles Palmer

Dwight Burden

About Sage

Sage is the global market leader for technology that provides small and medium businesses with the visibility, flexibility and efficiency to manage finances, operations and people. With our partners, Sage is trusted by millions of customers worldwide to deliver the best cloud technology and support. Our years of experience mean that our colleagues and partners understand how to serve our customers and communities through the good, and more challenging times. We are here to help, with practical advice, solutions, expertise and insight.

 

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