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K3 Business Technology Group Sells Non-core Sage Business For 1.68 Mln Pounds

K3 Business Technology Group, (KBT.L) which provides mission-critical software and cloud solutions, on Monday announced the sale of the business and assets of its non-core Sage Business to Pinnacle Computing for 1.68 million pounds. The consideration is subject to a downward adjustment of circa 0.2 million pounds in respect of any restructuring costs that Pinnacle may undertake immediately following the completion of the deal.

The deal is expected to be completed in early October subject to consultative process in respect of transfer of employees between the two companies.

The pre-tax profit of approximately 1.6 million pounds, would be accounted for as an exceptional contribution to trading results in the current financial year ending 30 November.

The deal is in line with the company's strategy of focusing resources on key higher-margin products and markets, and follows the sale of other non-core businesses.

Shares of KBT.L are currently trading at 177.19 pounds, up 0.69 pounds or 0.39 percent from previous close.

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