Peoplecert International Limited agreed to acquire AXELOS Limited. from Capita plc (LSE:CPI) and Cabinet Office for £380 million on June 21, 2021. The AXELOS senior management team will be transferring with the business. After the acquisition of AXELOS, the growth equity investor FTV capital will own a minority stake and be represented on the board. The sale of Capita’s 51% interest in AXELOS will result in Capita receiving net cash proceeds of £172.5 million upon completion. Prior to completion, Capita will also receive a cash dividend of £11.1 million making total net cash receipts of £183.6 million. The consideration is on a cash-free, debt-free basis representing an 11.5x multiple on 2020 EBITDA of £33.1 million. The gross assets of AXELOS at, and the profit before tax for the year to, 31 December 2020, were £115.7 million and £24.3 million respectively and generated revenue of £42.9 million in 2020. The transaction is conditional on the approval of Capita’s shareholders, with a circular to be posted in due course, including a timetable for a General Meeting of Capita shareholders; consents and/or waivers from certain creditors of Capita; and clearance by the Cyprus Commission for the Protection of Competition. These conditions are currently expected to be satisfied in July, 2021. The proceeds will provide additional liquidity to strengthen Capita’s balance sheet, meet upcoming debt maturities and support the ongoing implementation of its transformation plan. Barclays Bank PLC served as a financial advisor for AXELOS Limited. Goldman Sachs International acted as a sponsor for Capita plc. BofA Securities, Inc. acted as financial advisor to Peoplecert International Limited. Morgan Stanley & Co. Limited acted as financial advisor to Peoplecert International Limited. As of July 15, 2021, the transaction has been approved by the shareholders of Capita. Peoplecert International Limited comleted the acquisition of AXELOS Limited. from Capita plc (LSE:CPI) and Cabinet Office on July 30, 2021