Sage Group PLC Disposal of Sage Pay (7038T)
18 Novembre 2019 - 8:00AM
UK Regulatory
TIDMSGE
RNS Number : 7038T
Sage Group PLC
18 November 2019
Disposal of Sage Pay
18 November 2019
Further to the announcement made on 9 September 2019, The Sage
Group plc ("Sage") has now entered into an agreement for the sale
of its Sage Pay business to Elavon, a leading global payments
company and wholly owned subsidiary of U.S. Bancorp.
Sage Pay is a leading provider of payment gateway services in
the United Kingdom and Ireland and the divested business will
remain an important payments partner for Sage after completion.
For the year ended 30 September 2018 Sage Pay had revenue of
GBP41m and operating profit of GBP15m. The total sale consideration
is approximately GBP232m, payable in cash on completion (subject to
a customary debt and working capital adjustment). Sage expects to
report a statutory profit on disposal of approximately GBP180m on
completion.
Completion of the transaction is subject to Elavon obtaining
regulatory approval by the Board of Governors of the Federal
Reserve System in the United States as well as the Central Bank of
Ireland, and is expected to occur in Q2 FY20.
Steve Hare, Sage's CEO commented:
"Our vision of becoming a great SaaS company for customers and
colleagues alike means we will continue to focus on serving small
and medium sized customers with subscription software solutions for
Accounting & Financials and People & Payroll. Payments and
banking services remain an integral part of Sage's value
proposition and we will deliver them through our growing network of
partnerships, including Elavon."
Enquiries
The Sage Group plc +44 (0) 191 294 3897
Lauren Wholley, VP, Investor Relations
Rebecca Potgieter, Corporate Communications Director
Derk Bleeker, Chief Corporate Development Officer
FTI Consulting +44 (0) 20 3727 1000
Charles Palmer
Dwight Burden
About Sage
Sage is a global market leader for technology that helps small
and medium businesses perform at their best. Sage is trusted by
millions of customers worldwide to deliver the best cloud
technology and support, with our partners, to manage finances,
operations, and people. We believe in doing everything we can to
help people be the best they can be, so the combined efforts of
13,000 Sage colleagues working with businesses and communities make
a real difference to the world.
Sage. Perform at your Best.
About U.S. Bancorp
U.S. Bancorp, with 74,000 employees and $488 billion in assets
as of September 30, 2019, is the parent company of U.S. Bank, the
fifth-largest commercial bank in the United States. The
Minneapolis-based bank blends its relationship teams, branches and
ATM network with mobile and online tools that allow customers to
bank how, when and where they prefer. U.S. Bank is committed to
serving its millions of retail, business, wealth management,
payment, commercial and corporate, and investment services
customers across the country and around the world as a trusted
financial partner, a commitment recognized by the Ethisphere
Institute naming the bank a 2019 World's Most Ethical Company.
Visit U.S. Bank at usbank.com or follow on social media to stay up
to date with company news.
About Elavon
Elavon is a leading global payments company with more than 4,300
employees and operations in 10 countries. A subsidiary of U.S.
Bancorp (NYSE: USB), Elavon provides businesses with the technology
needed to accept payments from customers, whether they are shopping
in stores, at home or on the go. Its platform is distinctive in
that it is common across countries, making it easier for businesses
to get their payment system up and running quickly and
securely.
Elavon Financial Services DAC, trading as Elavon Merchant
Services, is regulated by the Central Bank of Ireland and the
Prudential Regulation Authority and subject to limited regulation
by the Financial Conduct Authority and Prudential Regulation
Authority. Details about the extent of our authorization and
regulation by the Prudential Regulation Authority, and regulation
by the Financial Conduct Authority are available from us on
request.
Rothschild & Co is acting as Lead Financial Advisor to Sage
on this transaction. Allen & Overy LLP is acting as legal
advisor. Sage has also received financial and corporate broking
advice from Morgan Stanley and Citigroup Global Markets
Limited.
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END
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