Capita finalises Trustmarque sale for £118m

Outsourcing company Capita has confirmed it has completed the sale of IT solutions provider Trustmarque to One Equity Partners for £118m, as first revealed in January earlier this year.

Capita received net proceeds of £118m upon completion, which included an additional £3m of contingent consideration, after taking into account cash-like and debt-like items.

Capita says the proceeds, net of transaction costs, will be used to strengthen the balance sheet and reduce debt.

In October last year, Capita agreed to sell its Secure Solutions and Services (SSS) business to NEC Software Solutions UK for £62m.