This article is from the Australian Property Journal archive
ABC Learning Centres has sold the Busy Bees Childcare Vouchers business in Britain for GBP90 million ($A196 million) to Computershare, the publicly listed provider of share registry and related services.
BBCV deals with over 12,000 organisations, providing around 100,000 working parents with childcare vouchers each month.
Computershare’s president Stuart Crosby said there are clear synergies between the Computershare and BBCV businesses.
“It continues our strategy of building on our existing capacities to deliver enhanced services to clients. BBCV’s integrated use of technology, document generation and handling, record keeping and cash administration is an excellent fit with our skills and infrastructure,” he added.
The integration of BBCV with Computershare’s business will be managed by Penny Maclagan, who led the highly successful integration of the Equiserve acquisition.
ABC’s chief executive Eddy Groves said proceeds from the transaction will be used to reduce debt under the company’s syndicated bank facility agreement.
The transaction is expected to close on September 01.
Groves said the company is now working on disposing its UK nurseries business as well as its UK property assets. The sale process for these assets is ongoing.
ABC shares closed 0.005 cent higher at 68.5 cents.
Australian Property Journal