(Alliance News) - Capita PLC on Monday said it will sell its stake in Fera Sciences Ltd to Bridgepoint Group PLC.

Capita is a London-based consulting, transformation and digital services business, while Bridgepoint is a London-based private equity investor. Fera Sciences is a joint venture with the UK Department for Environment, Food & Rural Affairs.

Capita said the sale of its 75% stake in Fera Sciences was for an enterprise value of GBP60 million, with Capita receiving GBP62 million on completion. The UK government department owns 25% of Fera, which was established in 2015 and is focused on the agriculture, farming and food production market.

Capita Chief Executive Officer Jon Lewis said: "We had previously announced our intention to sell our stake in Fera, as part of our ongoing strategy to simplify and strengthen Capita. It was the appropriate time to find a new partner to build on the strong, successful foundations now in place at Fera and take the company onto the next stage of its development.

"This is the latest excellent example of Capita successfully collaborating with the UK government to commercialise and transform government assets into valuable businesses, following previous successes including Constructionline and AXELOS."

Shares in Capita were up 2.7% at 20.54 pence on Monday morning in London. Bridgepoint shares were up 0.6% at 236.80p each.

By Tom Budszus, Alliance News slot editor

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