# Capita plc disposal of ParkingEye

- Link: https://www.directorstalkinterviews.com/capita-plc-disposal-parkingeye/412754476
- Published: 2018-07-12T07:39:22+01:00
- Author: Charlotte Edwards

**Capita plc** (LON:CPI) announced today that it has reached an agreement to sell
its parking management business, ParkingEye, to a vehicle owned by Macquarie and
funds advised by MML Capital Partners for a cash consideration of £235m. The transaction
is expected to close later this year.

The transaction is in line with Capita’s strategy of simplifying the business, focusing
on growth markets and disposing of non-core businesses.

ParkingEye’s underlying revenue and operating profit were £40m and £14m respectively
in the year to 31 December 2017 and the business had gross assets of £22m. In Capita’s
half year results, ParkingEye will be reported as a business exit in non-underlying
items. The cash proceeds will be used to reduce net indebtedness.

> **Jon Lewis, Chief Executive Officer, Capita, said** “This transaction marks a
> further step in executing the strategy announced in April aimed at simplifying
> and strengthening the business to deliver future success.
> Together with the four disposals already completed this year, we now expect to
> raise more than £400m from non-core disposals in 2018, well ahead of our target
> of £300m.”

Goldman Sachs International acted as Capita’s sole financial advisor on the transaction.

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