Tech giant Sage sells off Asia and Australia business for £95m then buys stake in ecommerce firm
The deals are the latest by the Newcastle company as it seeks to concentrate on cloud-based services
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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.
23 December 2020 | 07:04am
StockMarketWire.com - Software company Sage said it had agreed to sell its businesses in Asia and Australia to The Access Group for around £95 million.
The businesses being sold achieved revenue of £48 million and operating profit of £6 million in the year through September.
The transaction, which was subject to approval by the Australian Foreign Investment Review Board, was expected to complete in the next six months.
Sage had first announced in November that it was holding the businesses for sale. Story provided by StockMarketWire.com
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Sage Group Enters Deal For Sale Of Businesses In Asia, Australia
NEWCASTLE UPON TYNE (dpa-AFX) - The Sage Group plc (SGE.L) has entered into an agreement for the sale of its businesses in Asia and Australia (excluding global products) to The Access Group. The sale consideration is approximately 95 million pounds. The Group noted that the deal is subject to approval by the Australian Foreign Investment Review Board, and is anticipated to complete in the next six months.
Sage said the group is retaining its global products that are core to its growth strategy including Sage Intacct, Sage People and Sage X3.
Market close: a2 Milk plunges, Infratil get approval for deal
18 Dec, 2020 05:00 AM
4 minutes to read
a2 Milk fell more than 22 per cent after forecasting a significant decline in revenue. Photo / File
a2 Milk fell more than 22 per cent after forecasting a significant decline in revenue. Photo / File
NZ Herald
By: Graham Skellern
Pioneering company a2 Milk s price slumped more than 20 per cent after forecasting a significant decline in revenue and it took the New Zealand sharemarket down with it. In its third downgrade of the year, a2 Milk is now expecting revenue to fall by $135 million in the six months to December compared with the same time last year, and by about $230m for the 2021 financial year because of the difficulty selling to China through the secondary daigou channel.