Mon, 12 May 2014 | DIVISION SALE
Wireless and travel software company Anite plc is gearing up for a sale of its travel business.
It is believed that the travel arm, which provides software solutions for online bookings to leisure companies, could sell for about £40 million.
While Anite’s board confirmed the sale investigations, it said, “there’s no certainty that this process will result in a transaction”. It said in February that it is collaborating with Evercore Partners advisers to assess disposal options.
The announcement came after reports in the Sunday Telegraph that the firm was in exclusive sale discussions with LDC, Lloyds Banking Group’s private equity outfit. It is thought Carlyle Group and ECI had also expressed interest in the company in the past.
The travel arm’s takings accounted for 14 per cent of Anite’s total operating profit of £34.5 million for the year ending 30 April 2013, and 15 per cent of the company’s total sales of £132.5 million.
In December the Hampshire-based company said its travel arm was slightly in front of the board’s expectations, with an increase in profits.
A sale would enable Anite to focus its efforts on its mobile and network testing.
Established in 1973 as Cray Electronics Ltd, the business was initially focused on engineering, defence systems and equipment testing. It acquired a travel business called Autofile Ltd in 1992, along with two other businesses over the years to date.
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