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Construction News
12/10/2012
Interserve Sells Interest In Two Subsidiaries
Interserve, the international support services and construction group, has sold interests in two subsidiaries to the Dalmore Capital Fund for a total of £89.5 million.
The interests sold represent 49.9% of the equity and 62.0% of the debt instruments of the two subsidiaries which between them own 19 of Interserve’s PFI investments.
The 19 investments, were held by Interserve at a carrying value of £29.8 million* and generated profits of £4.6 million in 2011. The consideration will be received in cash within 11 days, resulting in a non-recurring 2012 profit of approximately £60 million.
Commenting on the transaction, Adrian Ringrose, CEO, said: "Interserve plays a key role in modernising public sector infrastructure and improving public services. The disposal announced today demonstrates our ability to generate returns which will support new investments to further our strategic growth plans, whilst retaining our commitment to the long term needs of our clients."
(CD)
The interests sold represent 49.9% of the equity and 62.0% of the debt instruments of the two subsidiaries which between them own 19 of Interserve’s PFI investments.
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The 19 investments, were held by Interserve at a carrying value of £29.8 million* and generated profits of £4.6 million in 2011. The consideration will be received in cash within 11 days, resulting in a non-recurring 2012 profit of approximately £60 million.
Commenting on the transaction, Adrian Ringrose, CEO, said: "Interserve plays a key role in modernising public sector infrastructure and improving public services. The disposal announced today demonstrates our ability to generate returns which will support new investments to further our strategic growth plans, whilst retaining our commitment to the long term needs of our clients."
(CD)
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