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Welsh Based Firm Sell IT Business to Capita in £37M Deal

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Capita on Friday announced that it has acquired Electranet, a leading supplier for the design, delivery and support of highly secure network and communication infrastructure in the UK, for a cash consideration of £37m on a cash-free, debt-free basis.

The business runs one of the UK's few commercial sites that is approved to hold UK government protectively marked information, allowing it to support secure government projects.

Electranet reported a pro forma operating profit of £2.7m on a turnover of £15.1m in its last financial year ending 28 February 2015 and is forecasting an operating profit of £5.1m on turnover of £26.4m in its current financial year to 28 February 2016. The business will join Capita's IT Enterprise Services division.

SOURCE: capita.co.uk