Hogg Robinson to Sell Fraedom to Visa for GBP142 Million; Agrees Takeover

   By Ian Walker

Hogg Robinson Group PLC (HRG.LN) said on Friday that it has agreed to sell its software-as-a-service business Fraedom to Visa Inc. (V) for 141.75 million pounds ($198.1 million), as well as a takeover from Global Business Travel Holdings Ltd.

The corporate travel firm said if the sale of Fraedom--its software-as-a-service technology--gets completed by the time of the Global Business Travel takeover, shareholders will get 120 pence for each share held. If not, they will get 110 pence a share.

The offer prices value the entire company at between GBP376.3 million and GBP410.6 million.

The Fraedom disposal is expected to complete by March 12, Hogg Robinson said, adding that it must complete by April 30 or the deal will terminate.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

February 09, 2018 02:52 ET (07:52 GMT)

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