Bain Capital, LP has entered into a binding agreement to acquire UK Mortgages Business of Iress from Iress Limited (ASX:IRE) for £85 million on March 15, 2024. Net proceeds from sale to be used to retire debt, significantly deleveraging Iress. Net proceeds from the sale are expected to be approximately £70-73 million.

Completion of the sale is subject to the novation of the existing MSO client contracts to the new entity as well as Competition and Markets Authority approval. Iress will provide support services for a period of up to 12 months after the transaction on a cost recovery basis to ensure a smooth transition. the transaction will be completed by the middle of the year.