Outsourcing firm Capita has sold two of its UK-wide property and infrastructure consultancy businesses to WSP for £60m, bringing proceeds from recent divestments to more than £800m.
WSP will take over the firm’s Capita Real Estate & Infrastructure (REI) and GL Hearn (GLH) businesses, with the senior management teams and employees of both firms remaining at their firms as they transfer to the ownership of WSP.
The reported revenue and profit before tax of the two businesses combined last year were £88.6m and £5.1m respectively. The combined gross assets were £124.2m on 31 December last year.
Capita CEO Jon Lewis said: “We are pleased to have agreed with the sale of these two businesses to WSP following a competitive sale process. It marks another significant step as we continue to simplify and strengthen Capita and become a more successful business in the long term.
“At the same time our REI and GLH colleagues and clients will join an established industry organisation with plans to take the businesses onto the next stage of their development. We will continue to execute on our plan at Capita to materially reduce debt through the disposal of non-core businesses.”
