Mawasem Limited agreed to acquire Agiito and Evolvi from Capita plc (LSE:CPI) for £36.5 million on August 10, 2023. Capita plc agreed to sell for an enterprise value of £36.5 million on a cash free, debt free basis. Taking into account the working capital and debt liabilities that Clarity is assuming as part of the transaction, Capita expects to receive cash proceeds of £16 million, of which £8 million is payable on completion and £8 million is payable 12 months following completion. The reported revenue and profit before tax of the combined businesses for the year to December 31, 2022 were £31 million and £4 million and gross assets were £76 million at June 30, 2023. The sale to Clarity is subject to National Security and Investment Act approval. The proceeds, net of transaction costs, will be used to further strengthen the balance sheet and reduce debt. The transaction is expected to close on August 29, 2023. Neil Nicholson of Dentons UK and Middle East LLP acted as legal advisor to Capita plc (LSE:CPI).

Jamie Austin, Peter Hemington of BDO AG Wirtschaftsprüfungsgesellschaft, Investment Banking Arm acted as a financial advisor for Clarity Travel Ltd., the Business Travel and Events division of the Portman Travel Group on its acquisition of Agiito.