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Capita PLC to Form Joint Venture with Cabinet Office

Friday, 26 Apr 2013 02:01am EDT 

Capita PLC announced that the Company has been selected, following a procurement process, to form a joint venture (JV) company with the Cabinet Office to deliver and commercialize the Government's portfolio of management practice training tools and services and create a growth business in which both parties will share returns. Capita is paying the Cabinet Office an upfront cash payment of GBP 10 million and three deferred cash payments of GBP 9.4 million over the first three years for a 51% shareholding in the joint venture, which will own in perpetuity the IP of the portfolio of products. It is anticipated that the joint venture will triple the current revenues of approximately GBP 40 million per annum by year 10, through further commercializing and developing the product portfolio in existing and new markets, and generate healthy margins. 

Company Quote

-3.0 -0.27%
5:12am EDT