(Alliance News) - Ascential PLC on Friday said it has sold DeHavilland, a brand within its Built Environment & Policy segment, to alternative asset management group Bridgepoint for GBP15 million.
The FTSE 250-listed information, data and analytics company said the sale concludes the disposal of its Built Environment & Policy businesses - which included Glenigan and Groundsure - for a total of GBP257.9 million. In 2019, the BEP businesses generated GBP35.9 million and adjusted earnings before interest, taxes, depreciation, and amortization - after the allocation of central costs - of GBP17.0 million
Ascential noted that following the disposal, central costs allocated to the businesses totalling GBP4.2 million in 2019, will be mitigated through transitional services agreements and cost savings through 2021.
The London-based company said the new cash will be used to support core areas of focus, particularly the Digital Commerce segment, including organic investments and potential mergers & acquisition opportunities.
"This transaction marks the achievement of a strategic priority to bring clearer focus to our core customer proposition: enabling our customers to design and create the right products, maximise their marketing impact and optimise their digital commerce performance," said Chief Executive Duncan Painter.
Shares in Ascential were trading 0.8% lower at 364.40 pence each on Friday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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