Xchanging plc (XCH.L) announced it has signed an agreement to sell its 51% shareholding in Xchanging Transaction Bank GmbH and its holding company Xchanging etb GmbH to its joint Enterprise Partner, Deutsche Bank AG (DB). Xchanging will receive total cash amounting to 40.5 million euros, including estimated cash payable to Xchanging in respect of trading up to the closing of the transaction.
The transaction effectively provides Xchanging plc with the cash equivalent of the after tax present value of the remaining cash flows of the service contracts of Xchanging Transaction Bank. Xchanging plc will continue to provide services from India to Xchanging Transaction Bank following the transfer of ownership.
In a separate announcement, Xchanging plc, reported that its trading in the first four months of the year has been in line with the company's expectations.
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