Mitie To Sell Document Management Business For £40 Mln On Debt-free Cash-free Basis

Mitie Group plc (MTO.L), on Monday, announced an agreement to sell its Document Management business to Swiss Post Solutions Ltd. or SPS for £40 million on a debt-free cash-free basis.

The sale of Mitie's Document Management business continues the Group's strategy of realising value from non-core businesses whilst allowing reinvestment in higher growth opportunities, underpinned by Mitie's 'Science of Service' technology in a post-COVID world.

The deal is conditional on the completion of a TUPE consultation process with employees of Mitie Document Management and is expected to complete by the end of September 2021.

Mitie Document Management delivered revenue of £48 million and an EBITDA of £4.2 million for the twelve months to 31 March 2021.

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