May 29 Anite Plc, which tests handset and telecom networks, said it sold its travel reservation software business to the private equity arm of Lloyds Banking Group Plc.
Anite, whose clients include Samsung Electronics Co Ltd and Vodafone Group Plc, sold its travel division to LDC for 45 million pounds ($75 million) in cash.
The company said the deal was debt free and 1.7 million pounds of the consideration will be held in escrow subject to the resolution of certain commercial considerations.
The business accounted for about 15 percent of Anite's total revenue of 132.5 million pounds in 2013. ($1 = 0.5986 British Pounds) (Reporting by Noor Zainab Hussain in Bangalore; Editing by Savio D'Souza)