The Sage Group plc (LON:SGE) announced that its businesses in Asia and Australia (excluding global products) were held for sale. Sage has now announced 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.
The Sage Group 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.
