Jump To content Jump To Menu
Welcome to the News Centre
Serco manages the Dubai Metro

Serco News

Recent and archived announcements along with background information

Update on completion of offshore private sector BPO operations sale

Date: 31 Dec 2015

Serco Group plc (‘Serco’ or ‘the Group’), the international service company, announced on 16 September 2015 that it had agreed the sale of its offshore private sector Business Process Outsourcing (‘BPO’) operations (the ‘Offshore BPO Operations’).  The transaction was expected to complete around the end of 2015, subject to customary closing conditions and regulatory approvals.  Completion was anticipated to occur in three parts: one covering the majority of the Offshore BPO Operations, and two smaller but separate transactions related to some operations in the Middle East.  The overall sale had an agreed gross value of approximately £250m before transaction costs and deferred consideration fair value adjustments together totalling approximately £15m, and before other relevant movements in closing balances.

Serco is pleased to confirm that completion has now occurred, effective 31 December 2015, for the majority of the Offshore BPO Operations.  Reflecting movements in net asset balances since the agreed valuation date, and subject to any final adjustments up to today’s completion date and for currency translation, the resulting reduction in Serco’s net debt is expected to be approximately £200m.  The remaining net cash consideration of approximately £10m is due to be received by Serco upon the completion of the Middle East transactions.

Serco’s trading update issued on 7 December 2015 included assumptions that the sale of the Offshore BPO Operations would complete as described above.  There is therefore no change to the expected trading outcome for the 2015 financial year or the outlook for 2016 as described in that recent trading update.


Download PDF [PDF, 99KB] (Please note: this link will open the page in a new browser window)

For further information please contact Serco:

Stuart Ford, Head of Investor Relations T +44 (0) 1256 386 227

Marcus De Ville, Head of Media Relations T +44 (0) 1256 386 226

Serco in the Media

There are many stories reported by the media around the world about the positive contribution that Serco's people and services are making.

Read More

Last Updated: 31 Dec 2015