Capita completes sale of Pay360
Capita plc (LON:CPI) has completed the sale of its Pay360 Limited business to Access PaySuite Ltd, a division of The Access Group.
The completion of the transaction follows receipt of the necessary regulatory and Capita shareholder approvals. The sale proceeds of approximately £156 million will, post the deduction of transaction costs, further reduce net debt and provide additional liquidity for Capita which together will further strengthen Capita’s balance sheet.
Pay360 is a UK-based, FCA regulated payments business with circa 2,500 customers across the public and private sectors. Pay360 offers its customers gateway and acquiring services, as well as payment solutions across the payments value chain. Pay360 has recently expanded its capabilities into payment facilitation with the launch of its Evolve platform. In 2021, the business processed £8.6bn in transaction value across 142 million transactions.
The gross assets of Pay360 at 30 June 2022 were £63.6m, and for the year to 31 December 2021 it generated revenue of £45.8m, EBITDA of £10.5m and profit before tax of £7.1m. For H1 2022, Pay360 generated revenue of £27.3m, EBITDA of £5.7m and profit before tax of £3.1m. The Pay360 senior management team will be transferring with the business.
The sale of Pay360 follows a strategic review of the business by Capita and represents further progress in its strategy to build a more focused, sustainable business for the long term.