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Mon, 8th Mar 2021 08:23
(Alliance News) - Equiniti Group on Monday said it has agreed to sell the EQi direct-to-consumer business of Equiniti Financial Services to interactive investor for GBP48.5 million.
Equiniti said the sale of the business to ii, already one of the largest share trading platforms in the UK, is expected be completed by the summer. It will receive GBP47.5 million in cash on completion and up to a further GBP1.0 million contingent on the timing of migrating customers onto the ii platform.
Equiniti said it will use the money to reduce debt, with interest costs expected to be reduce by GBP400,000 as a result. It will book a GBP13.0 million accounting profit on the deal and pay GBP2.1 million in corporation tax.