G4S PLC G4s Plc Uk Dk : Disposal
December 28 2016 - 7:24AM
UK Regulatory
TIDMGFS
28 December 2016
G4S sells G4S Utility Services(1) for GBP52 million
G4S, the leading global integrated security company, announces today
that it has completed the sale of G4S Utility Services, its UK
multi-utility metering services business, to First Reserve, the majority
shareholder in Morrison Utility Services Group, for GBP52 million paid
in cash. Proceeds from the sale will be used for general corporate
purposes.
In the year to 31 December 2015, G4S Utility Services generated profit
before taxation of GBP8 million. At 31 December 2015 the business had
gross assets of GBP48 million and net assets of GBP18 million.
As part of the transaction, senior management in G4S Utility Services
will remain with the business at completion.
Commenting on the transaction, G4S Group Chief Executive, Ashley Almanza,
said:
"The sale today of the utility business is part of the Group's portfolio
management programme which is greatly improving the Group's strategic,
commercial and operating focus. To date we have closed or concluded
binding agreements to sell 32 businesses, with aggregate disposal
proceeds of GBP433 million since the start of the programme in 2013."
This announcement contains inside information and the person responsible
for making this announcement is Peter David, Company Secretary.
Note 1: G4S Utility Services comprises the following companies: G4S
Utility and Outsourcing Services (UK) Limited; G4S Assessment Services
(UK) Limited; G4S Locks & Alarms (UK) Limited.
Investor enquiries:
Helen Parris, Director of Investor Relations +44 (0) 20 8722 2125
Media enquiries:
+44 (0)207 963 3333
Notes to Editors:
About G4S plc
G4S is the leading global, integrated security company, specialising in
the provision of security services and solutions to customers. Our
mission is to create material, sustainable value for our customers and
shareholders by being the supply partner of choice in all of our
markets.
G4S is quoted on the London Stock Exchange and has a secondary stock
exchange listing in Copenhagen. G4S is active in over 110 countries and
has 600,000 employees. For more information on G4S, visit www.g4s.com.
About G4S Utility Services
G4S Utility Services, headquartered in Newcastle, employs 2,500 people
in data collection for a number of UK utilities, in addition to a range
of smart metering services, including the installation and maintenance
of smart meters. The business, which makes some 60 million home visits
a year, also includes a full suite of data flow systems capable of
interfacing with all the major meter manufacturers.
G4S Utility Services also incorporates 16,500 commercial alarm contracts
under the ProtectMyProperty.co.uk http://protectmyproperty.co.uk/ brand,
and inspects over 11,000 hotels and guest accommodation properties
within the provision of hotel quality assessment and compliance services,
both of which will be included in the sale.
About First Reserve
First Reserve is a leading global private equity and infrastructure
investment firm exclusively focused on energy. With over 30 years of
industry insight, investment expertise and operational excellence, the
Firm has cultivated an enduring network of global relationships and
raised approximately USD $31 billion of aggregate capital since
inception. First Reserve has completed approximately 600 transactions
(including platform investments and add-on acquisitions), creating
several notable energy companies throughout the Firm's history. Its
portfolio companies operate on six continents, spanning the energy
spectrum from upstream oil and gas to midstream and downstream,
including resources, equipment and services and infrastructure. Visit
www.firstreserve.com for more information.
About Morrison Utility Services Group "MUS"
With history dating back to 1884 MUS serves blue-chip utility companies
and electricity, gas, water and telecom providers throughout the UK.
MUS's mission is to be the leading utility service provider by
delivering a cost-effective quality service to its clients and
continuously maintaining, renewing and upgrading essential UK utility
infrastructure and networks.
The company has nearly 4,000 direct employees, with a focus on training
and development programs to enhance expertise and dependability. MUS
was acquired by First Reserve, a global equity investment firm that
specialises in energy and infrastructure investments in September 2016.
For more information, please visit: https://www.morrisonus.com/
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: G4S plc UK DK via Globenewswire
http://www.g4s.com/
(END) Dow Jones Newswires
December 28, 2016 07:24 ET (12:24 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
G4s (LSE:GFS)
Historical Stock Chart
From Apr 2024 to May 2024
G4s (LSE:GFS)
Historical Stock Chart
From May 2023 to May 2024