28 December 2016
G4S sells G4S
Utility Services1 for £52
million
G4S, the leading global integrated
security company, announces today that it has completed the sale of
G4S Utility Services, its UK multi-utility metering services
business, to First Reserve, the majority shareholder in Morrison
Utility Services Group, for £52 million paid in cash.
Proceeds from the sale will be used for general corporate
purposes.
In the year to 31 December 2015,
G4S Utility Services generated profit before taxation of £8
million. At 31 December 2015 the business had gross assets of
£48 million and net assets of £18 million.
As part of the transaction, senior
management in G4S Utility Services will remain with the business at
completion.
Commenting on the transaction, G4S
Group Chief Executive, Ashley Almanza, said:
"The sale today of the utility
business is part of the Group's portfolio management programme
which is greatly improving the Group's strategic, commercial and
operating focus. To date we have closed or concluded binding
agreements to sell 32 businesses, with aggregate disposal proceeds
of £433 million since the start of the programme in 2013."
This announcement contains inside
information and the person responsible for making this announcement
is Peter David, Company Secretary.
Note 1: G4S Utility Services
comprises the following companies: G4S Utility and Outsourcing
Services (UK) Limited; G4S Assessment Services (UK) Limited; G4S
Locks & Alarms (UK) Limited.
Investor enquiries:
Helen Parris, Director of Investor Relations +44
(0) 20 8722 2125
Media enquiries:
+44 (0)207 963 3333
Notes to Editors:
About G4S plc
G4S is the leading global, integrated security
company, specialising in the provision of security services and
solutions to customers. Our mission is to create material,
sustainable value for our customers and shareholders by being the
supply partner of choice in all of our markets.
G4S is quoted on the London Stock Exchange and has
a secondary stock exchange listing in Copenhagen. G4S is
active in over 110 countries and has 600,000 employees. For
more information on G4S, visit www.g4s.com.
About G4S Utility
Services
G4S Utility Services, headquartered in Newcastle,
employs 2,500 people in data collection for a number of UK
utilities, in addition to a range of smart metering services,
including the installation and maintenance of smart meters.
The business, which makes some 60 million home visits a year,
also includes a full suite of data flow systems capable of
interfacing with all the major meter manufacturers.
G4S Utility Services also incorporates 16,500
commercial alarm contracts under the ProtectMyProperty.co.uk brand,
and inspects over 11,000 hotels and guest accommodation properties
within the provision of hotel quality assessment and compliance
services, both of which will be included in the sale.
About First Reserve
First Reserve is a leading global private equity
and infrastructure investment firm exclusively focused on energy.
With over 30 years of industry insight, investment expertise and
operational excellence, the Firm has cultivated an enduring network
of global relationships and raised approximately USD $31 billion of
aggregate capital since inception. First Reserve has
completed approximately 600 transactions (including platform
investments and add-on acquisitions), creating several notable
energy companies throughout the Firm's history. Its portfolio
companies operate on six continents, spanning the energy spectrum
from upstream oil and gas to midstream and downstream, including
resources, equipment and services and infrastructure. Visit
www.firstreserve.com for more information.
About Morrison Utility Services
Group "MUS"
With history dating back to 1884 MUS serves
blue-chip utility companies and electricity, gas, water and telecom
providers throughout the UK. MUS's mission is to be the leading
utility service provider by delivering a cost-effective quality
service to its clients and continuously maintaining, renewing and
upgrading essential UK utility infrastructure and networks.
The company has nearly 4,000 direct employees,
with a focus on training and development programs to enhance
expertise and dependability. MUS was acquired by First
Reserve, a global equity investment firm that specialises in energy
and infrastructure investments in September 2016. For more
information, please visit: https://www.morrisonus.com/
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: G4S plc UK DK via Globenewswire
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