The Sage Group agrees sale of its businesses in Asia and Australia to The Access Group
7:24 am
The Sage Group plc (LON:SGE) announced that its businesses in Asia and Australia (excluding global products) were held for sale. Sage has now announced that it has entered into an agreement for the sale of these businesses to The Access Group.
For the year ended 30 September 2020, the businesses being sold achieved revenue of £48m (FY19: £48m) and operating profit of £6m (FY19: £5m). The sale consideration is approximately £95m, payable in cash on completion (subject to a customary net debt and working capital adjustment). Sage is retaining its global products that are core to its growth strategy including Sage Intacct, Sage People and Sage X3.