Capita has agreed to sell two travel and events businesses to a group owned by a Saudi Arabia giant for £36.5m.
Derby-based Agiito and Evolvi, which is located in Reading, will be acquired by Clarity Travel in Manchester.
Clarity is the business travel and events division of the Chester-headquartered The Portman Travel Group.
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The group also includes luxury holiday tour operators Elegant Resorts and If Only Holidays, Portman Travel (Ireland), Portman Travel BV and sports travel management companies Destination Sport and International Sports Tours. It is owned by Seera Holding Group, a Saudi Arabia-based listed company worth around £1bn.
The reported revenue and pre-tax profit of Agiito and Evolvi for 2022 were £31m and £4m respectively.
Capita said the proceeds from the sale will be used to "further strengthen" its balance sheet and reduce debt.
Jon Lewis, Capita’s chief executive, said: "We are pleased to have agreed the sale of our travel and events businesses to Clarity, following a competitive sale process.
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"The transaction offers significant growth opportunities for the businesses, their clients and colleagues.
"It also marks another significant step towards reducing Capita’s debt, as we continue to simplify and strengthen the organisation, and become a more successful business for the long term."
For 2022, The Portman Travel Group posted a revenue of £143m, up from £40.3m, while its pre-tax losses were cut from £8.3m to £2.3m.