G4S completes sale of conventional cash businesses to Brinks
G4S today announced that it has now completed the sale of its conventional cash businesses to The Brinks Company (Brinks) that was announced on 26th February 2020.
Courtesy G4S
Under the agreement with Brink’s, the Group has sold the majority of its conventional cash businesses for an enterprise value of £727 million, with expected net cash proceeds of approximately £670 million. The substantial majority of the remaining completions are scheduled to occur during 2020.
The sale of the majority of the conventional cash businesses greatly enhances the Group’s strategic, commercial and operational focus and strengthens further its financial position.
As reported in our 2019 annual results, as at 31st December 2019 the Group had substantial liquid resources of £1.3 billion comprising cash, cash equivalents and bank overdrafts of £0.5 billion and committed, unutilised credit facilities of £0.8 billion.
The Group had gross outstanding bank loans and loan notes of £2.3 billion as at 31st December 2019 of which only £56 million is scheduled for repayment in 2020.